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Bitcoin pivotal around 19k so far today

03 Dec, 2020

Yesterday Bitcoin could not quite make its mind up. First it dropped back close to 18,300 and then it recovered back above 19,300. It later ended around the time of the US close at 19,150. Today is has traded in a range so far covered by 18,889 to 19,298. The price action is most definitely sideways for the time being. That does suggest further consolidation is taking place, but clearly within a much less volatile price range than was seen earlier in the week. Such consolidation is not unique to Bitcoin either and is being seen in the other leading coins. Ethereum and Ripple for example are displaying almost identical price action too as they work their way across the screens too. As far as all are concerned; the question now is whether or not this is corrective ahead of another charge higher or corrective before a reversal? To answer that may require some more time, but as far as Bitcoin is concerned it is all about whether or not 20k is the top or merely the staging post for a measured move towards 22,782 as was previously mentioned here before. Bitcoin is currently trading at 18,990

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