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BTC Consolidation and Decision Point
We've seen some consolidation in the lower 40Ks this week. Negative news and overall market superstition seems to be preventing a big move up. Obviously, BTC has 2 options.
1. Breaks below the current floor and the price moves below 40K. Given the time we've spent consolidating, I would not be surprised if a break below this level resulted in a more sustained move down.
2. Conversely, BTC could finally break above the local highs (44K-45K). I'm of the opinion that this is more likely given the amount of time support at the 40K level has held. If this happens, I think we would be looking at a sustained move higher before we find a ceiling around the current ATH.
I'm of the opinion that option 2 is the most likely. However, I do think we will see some more consolidation before the break happens. I think that $41750 is a reasonable place for buy limits currently, which is where I have placed mine.
As always, do your own research. Don't take financial advice from anyone, especially me.
1. Breaks below the current floor and the price moves below 40K. Given the time we've spent consolidating, I would not be surprised if a break below this level resulted in a more sustained move down.
2. Conversely, BTC could finally break above the local highs (44K-45K). I'm of the opinion that this is more likely given the amount of time support at the 40K level has held. If this happens, I think we would be looking at a sustained move higher before we find a ceiling around the current ATH.
I'm of the opinion that option 2 is the most likely. However, I do think we will see some more consolidation before the break happens. I think that $41750 is a reasonable place for buy limits currently, which is where I have placed mine.
As always, do your own research. Don't take financial advice from anyone, especially me.
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