Bitcoin will Blow Past $50,000

Bitcoin will Blow Past $50,000

Bitcoin has arrived as an Asset Class and an entire new dynamic has taken over, with only 21m Bitcoin ever and 7b people and growing the math is simple, own some Bitcoin.

The Sentiment can be seen in the Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 34 white candles and 16 black candles for a net of 18 white candles.

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

Bitcoin is currently 150.3% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods.

There is a good possibility that volatility will decrease and prices will stabilize in the near term.

Our volume indicators reflect volume flowing into and out of BTC at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BTC and have had this outlook for the last 1 periods.

Our momentum oscillator is currently indicating that BTC is currently in an overbought condition.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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