BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
When will Bitcoin reach the 50k Psychological level!

Everyone is waiting for the day we see it drive past 50K USD!

We saw the pull back from 48.5k.

So with that said I want to underline a few ideas..

On the 1 hour channel its following the flag, what is also evident is the clear correction cycle.

It's also shown respect to the highlighted balanced structure, within reason, displaying signs of consolidation and operating in a lateral movement respecting both points.

My first thoughts are for it to touch the first respected structure, and then move through the gears to 50k. One thing I am conscious of is the Asian Markets being closed, BTC is heavily impacted by the Asian Markets as we all know.

Or alternatively, which is my favoured point due to the Asian Lunar New Year Holidays is for it to retrace into zone 2 and then kick through the 50k mark. It is important that we know the pivot points of where BTC is likely to find power from, and these 2 zones are my markers.

I can't see BTC losing the strength and dipping below these markers to then find buying impetus and fly to what we are all hoping for 50k! Do you agree?

Happy to discuss with you guys, in the comments.

Let me know what your thoughts are.

JWTC