Hello BTC traders.

The recent run up in the price of bitcoin to $37,800 has become very over extended in my opinion.

Here's why:

The price of BTC has only had one major price pull back (drop) in the recent run up from $15,000 to current $37,400. (It dropped one major time when it pulled back from $34,800 to $28,000).

Testing the $24K level is important because it was the only level above $20K that had reasonable resistance & retesting significant levels increases investors' confidence about momentum & trajectory.

Typically when new ATH prices are set there's usually a 20% to 30% pull back immediately is following. These drops need to be happen for consolidation, profit taking & determining a fair market value price with upside potential for new investors buying in.

A few days ago I called for a pull back to $24K after it made the first $34,800 ATH price. It did have a brief pull back to 28K and then it ran back up again. If BTC price doesn't pull back to $24K, then I'm confident it will see a retest of $28K that we saw last week.

The market cap for Bitcoin and the entire cryptocurrency is so over valued its a joke & unrealistic hyped-up valuations. These "digital assets" are mostly useless yet have unjustifiable valuations.

Disclaimer: I have a short Bitcoin position and the views expressed here are my personal opinions based on my years of technical analysis.

Good luck to all which ever side you're on...