So I am already going to take the L on this one unless we get a whale sell off the next few days. What is it exactly I'm speaking off?
On the last roundtable @rollandthomas wanted to make calls on BTC price by year's end. I decided to bet on consolidation and said 23,400.
I think he's shooting for 30K. It is certainly looking possible as BTC has begun to rally again.
As you know, I love using the 10 day moving average (blue line) as a overbought/oversold gauge. When price moons and gets far extended from it I know that either a consolidation or a pullback is highly likely in the near-term.
Pretty simple, I know. Sometimes keeping it simple is the best thing you can do for success.
With price consolidating earlier this week the 10 day caught up and as soon as price touched it away it went higher.
To be honest, the price action has been full blown bullish the past few weeks and that is still intact.
We shall see how high this latest push takes us, but 30K is a nice round number and we love round numbers for some reason.
There is also the measured moved aspect. Price really took off from the high 19s to the low 24s. Thus if we take that same move and stack it that takes us just shy of 30 into the 29s.
Five days in the year left to go!
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