The price action on Bitcoin has been awesome of late. At some point we were bound to see the price slow down and even some profit taking set in, at least for the short-term.
How Much of a Pullback Do We Need?
If you look at the chart you will see that yesterday and today's candle had upper wicks topping out around the same area.
Now with the new daily candle just forming it is starting off in the red with people booking some gains.
With price being extended from the 10 day moving average and the two upper wicks being present, price does look like it is set for some consolidate or even dip in the near-term.
This is bullish as long as...
Any pullback in price does not change the bullish price action so long as price remains above 12,400 on a closing basis.
The higher it stays the better, but I'm still bullish in the short-term in any pullback to 12,400.
As for the long-term I'm HODLing anyway, this short-term stuff is to just trade around more core position.
Just my opinion, not financial advice and all that jazz.