BTC short term price action

11 Jan 2018

Failing to follow the 50 day and closing near that level could bring the price back to the 100 day MA for a few days. Then failing to close above previous support ($12.5-13.5k) could "burst" the bubble, touch the 200 day MA around 8k and close right below previous support, which is now resistance. Then we could see a downtrending consolidation around $10-12k. Touching the 10k support a few times over a week would confirm the price and reverse the trend, which could be followed by the usual FOMO if some nice Bitcoin news pop out. Otherwise I guess we'll see a much slower uptrend and possiby Ethereum taking the first place. In the end, a scaling solution, such as the lightning network (even if it's not a good one) can rocket Bitcoin's price up.