Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
It's very nice how $9K is holding (for now) and people don't give a shit about it anymore. Slowly stepping and maintaining price without any FOMO signs sounds great. Even a little retrace would not do any harm right now.
While holding $9000 is welcome the daily BBands are sloping up so many traders are going to be looking to buy if price drops to the middle BBand at $8900.
Which basically "confirms" there is good buying support for a little retrace. And probably even more support for a bigger one. Also it is not as if sellers were pilling up to sell. Much the contrary.
I want to see the price over $10K as much as everyone else... but I love how smoothly the price is rising step by step and doing the proper retests.
Looks good so far.
Boring is best. A little more time to establish support at 7900 might be needed. ..then a few months to get back through 9xxx. would be the most sustainable way forward. Another spike like last Jun/Sep would not be a good sign.
10500 is the first real resistance, and it needs to be taken real slow. So far, so good.
I don't really have any problem with what you are saying, Majormax - except maybe with your term: "need".
I mean, really, bitcoin no doesn't work like dat.
Bitcoin does not just do things gradually.. at some point, we will have an explosion and thereafter a correction after the explosion.
It is just the way that things work out when you have an s-curve exponential adoption asset like bitcoin and people involved, too.
I think we already recently had some conversation about the multiple meaning and intensities of "need".
I would say that what Majormax means with "needs", in this particular case, is that it would be better for the price to reach the resistant point above in a kind of way (slowly) so that it doesn't correct as fast as it climbs. Also, even if at some point we will surely see some sort of "explosion" (see? that word could also have different meanings depending on context) and subsequent correction, it would be better for us bulls if that happens from a higher slowly consolidated price.
Does it really NEED to be that way to reach the best outcome? Of course not... it just "needs" it to maximise the probabilities of it. But it could perfectly happen otherwise. That's so obvious that it should be needed (lol) to explicitly mention.
I remember you have in the past also questioned me about some statements in which I used the word "need" in relation to Bitcoin price and I think I didn't, at that time, clarify my position about it. So, this is it and I hope it helps for better understanding any future usage of the word "need" I might unconsciously use in the future when talking about price dynamics
