The price of bitcoin broke out of the range a few days ago that was causing resistance around the 48.5K, price managed to trade above 50K basically giving clear confirmation of the move.
Now we are seeing some profit taking, which comes as no surprise as price was getting a little stretched from the short-term moving averages.
The key is price needs to stay above 48.5K and honestly 50K would be ideal. This will further cement the breakout by testing that prior resistance as support.
Come on uptrend...
Looking at the chart, we can see the uptrend that has started. The reality is, if we pullback over the next few days that would take price right back to that 48.5K line and keep the uptrend alive.
We shall see what the weekend brings.
Posted Using InLeo Alpha