The price of bitcoin pumped nice off the 10 day moving average two days ago, putting in a big green energy candle that took price to the 48K area.
Since then buyers (come on Tesla buy some more!) have taken a breather as price hovered in a small range and producing a spinning top candle (or doji candle).
This represents indecision, which why I am pondering if we will see some consolidation before a run to 50K, even with how close price is too it.
Which way will it go???
Looking at the chart you can see exactly what I was talking about above.
Price is pulled quite a bit from the 10 day moving average, so this lets me know that we will get a consolidation or pullback in the near future regardless of what price does here in the next 48 hours.
Even if we get a spike to 50K, I would then expect a pullback to narrow the gap with the 10 day.
The other option is we consolidate here and trade sideways to slightly lower and then see another push higher after the MA has caught up.
Honestly, the second version is the healthier price action when it comes to it. I'd rather wait till the end of the week for a push to 50K and get the orderly move.