Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Long time no post. Came to see if anyone else was selling this news event, guess I'm not the only one. Felt comfortable with a decent sell at $48K. Now will wait for pull-back. Still think we could see $30K within next few months as below $40K there isn't a lot to keep us at higher levels. No doubt ETF will help in the long-run, but that will take a few months imo, rather than a few weeks.
Already the 4hr candle is looking bearish and sellers clearly taking advantage of the "sell the launch" opportunity. Let's be honest 2023 was a good year with +150%, now all that's needed is for price to cool off and balance out. It's ironic as $48.5K was the 0.618 retracement level I had talked about hitting for a long-time, even if it took until 2024 to get there as opposed to 2023 as initially anticipated.
You can consider my return and post as a local top signal
Already the 4hr candle is looking bearish and sellers clearly taking advantage of the "sell the launch" opportunity. Let's be honest 2023 was a good year with +150%, now all that's needed is for price to cool off and balance out. It's ironic as $48.5K was the 0.618 retracement level I had talked about hitting for a long-time, even if it took until 2024 to get there as opposed to 2023 as initially anticipated.
You can consider my return and post as a local top signal
Now that i have time to post a longer argument...here it goes:
Now, bitcoin ETF is one of the tradfi assets.
Tradfi asset in a "bull market' is not supposed to decline more than 20% 9and maintain such market). Of course, i know that bitcoin in 2017 and 2021 bull market had much greater local declines, apart from 50% decline in the middle of 2021.
If we plot 20% decline from ~46K (which was the price before the approval), then it s"should not" go below $36.8K
If you count from intraday high of ~48K (but we probably shouldn't), then $38.4K.
We shall see it this prediction would hold.