BTC: $48,829
OBTC: $17,219
VG: 8.63
Like I did on 8th Feb, a VG of 8.63 is overheated at this stage, and would have urged caution. However, as of writing this post the correction has already happened, and we’re sitting at $46,500 or VG ~8.4.
What is more important here is that on 8th Feb, VG 8.63 corresponded to $46,121. Now, it sits at $48,829. We’re not quite ready to break $50,000, but making progress steadily. Ideally, we’d like to consolidate just under $50K, with VG cooling off to the low 8s before having a fair shot at breaking through $50K. Of course, in this stage of the market cycle, right in the thick of the bull market — any impulse either way can override things in the short term.
