Bitcoin tries the upside and downside but seems stuck to $52,000

Bitcoin is essentially flat today but the post-holiday price action wasn’t subdued. Earlier, it looked like it could be breaking the week-long range to the upside as it touched $52,980. However the big round number held and the sellers appeared as broader tech sank. That sent BTC as low as a $50,755 before rebounding back to unchanged near $52,000.

The result is another doji star on the chart.

I would mark this down as a cautionary signal, though some consolidation after the kind of one-way move it’s had in the past three weeks is not unusual.

Bitcoin lately has been trading similarly to the Nasdaq and both are likely to key off tomorrow’s earnings from NVDA. The sizzling chipmaker will report earnings after the bell and some good news will be needed to sustain bids.

This article was written by Adam Button at Source