BTC/USD - What happens at 50K ???
Markets thoroughly pumped and those that have been here before would probably be more cautious than the "new money" that has probably only tasted success rather than the ebbs and flows more seasoned traders have weathered through the last few years.
Surely the question everyone is asking is "What happens at 50K?"
This current ascending triangle seems pegged to hit the 50K mark within the next day or two.
$50,000 (USD) will be a very significant number mentally for a lot of positions and seasoned traders will be aware of it so may be setting sell offs slightly cheaper.
Binance -for example, is showing a significant "sell-wall" at 50K but in all honesty it's not as big as I would have anticipated.
That fact alone may signify the market wants higher!
And just on those "sell walls" - If you have a sell at 50K on Binance there is a high likelihood it wont execute because so many traders have a sell at this price.
Why people continue to use whole numbers is beyond me!
What's wrong with $49,998? That $2 Dollars may mean the difference between a successful trade and watching it fall without your sell being initiated.
Just a thought.
I think we will see significant changes to PA at 50K-
Either it goes up, or down.
Whichever way it goes I think we we will get two bites at approx 50K- either to sell or to buy market dependant.
If we push through I can see a surge of new money that suddenly thinks 50K is not the top.
Alternately a rejection and dive back to trailing support around 45K may bring new buyers to the table to push the market towards 50K once again.
Either way the next few days are going to be very exciting!
As always, not financial advice.
Just my own thoughts and TA.
Feedback welcomed.
Bingaz.
Surely the question everyone is asking is "What happens at 50K?"
This current ascending triangle seems pegged to hit the 50K mark within the next day or two.
$50,000 (USD) will be a very significant number mentally for a lot of positions and seasoned traders will be aware of it so may be setting sell offs slightly cheaper.
Binance -for example, is showing a significant "sell-wall" at 50K but in all honesty it's not as big as I would have anticipated.
That fact alone may signify the market wants higher!
And just on those "sell walls" - If you have a sell at 50K on Binance there is a high likelihood it wont execute because so many traders have a sell at this price.
Why people continue to use whole numbers is beyond me!
What's wrong with $49,998? That $2 Dollars may mean the difference between a successful trade and watching it fall without your sell being initiated.
Just a thought.
I think we will see significant changes to PA at 50K-
Either it goes up, or down.
Whichever way it goes I think we we will get two bites at approx 50K- either to sell or to buy market dependant.
If we push through I can see a surge of new money that suddenly thinks 50K is not the top.
Alternately a rejection and dive back to trailing support around 45K may bring new buyers to the table to push the market towards 50K once again.
Either way the next few days are going to be very exciting!
As always, not financial advice.
Just my own thoughts and TA.
Feedback welcomed.
Bingaz.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.