Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
dragonvslinux
on 08/06/2022, 14:17:17 UTC
Good morning WO. I see we are desperately in need of a new poll.

Any realistic TA which says we will see 40k soon?

Not really, at least not yet. Unless price can get above $32.5K, then you can officially consider it impossible Tongue (try and prove me wrong with that analysis haha)

There is a relatively big volume gap from the past 9 months between $30K and $40K, so if price can get back above the capitulation level of $34K-$35K, then it would be highly likely to get back to the accumulation/distribution level of $40K. Otherwise the rejection from previous support would likely lead to a re-test of $25K or lower. Thinking $30K would hold a second time round would be naive I think.

If you're a trapped buyer at $40K, then bare in mind that price returning to $40K soon would give high probability of confirming a macro bottom, as on the Weekly scale price would have left oversold levels and therefore signal a retracement back to athe 0.618 fib level, around $50K, same as in 2019 @ $14K and 2020 @ $10K. So it'd be the equivalent of selling around $6K-$8K for reference sake.