Why the price of bitcoin needs to re-test the $24,000 BTC mark

[bedroid]

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...

[exstasie]

BTC doesn't need to do anything, I assure you.

In the event of a sharp correction however, I agree that $24K is a very interesting level, for other reasons. It's right where CME futures left a giant gap in both price action and VPVR:



So "gap fill theory" and all. There's horizontal S/R there and there was also a lot of volume exchanged, so it's a high value zone, likely to bounce hard off it. It's also a 36.5% decline from the top (assuming this top holds; not sure about that) which is pretty realistic, based on the 2017 bull market at least.

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.

You sound a bit biased. I hope you can keep your emotions in check when shorting this market.

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

Honestly, I wouldn't fade this market. You might be right but you better have tight stops if you're wrong. This momentum is insane. Even if it's totally irrational: "markets can stay irrational longer than you can stay solvent."

[jaberwock]

BTC doesn't need to do anything, I assure you.

In the event of a sharp correction however, I agree that $24K is a very interesting level, for other reasons. It's right where CME futures left a giant gap in both price action and VPVR:



So "gap fill theory" and all. There's horizontal S/R there and there was also a lot of volume exchanged, so it's a high value zone, likely to bounce hard off it. It's also a 36.5% decline from the top (assuming this top holds; not sure about that) which is pretty realistic, based on the 2017 bull market at least.

I agree that it will probably bounce back from that level, the downside is very filled, which means it would require a huge drop to reach there, and another huge drop that requires a lot of bitcoins to be sold to go even further down than that. Going to 24k is possible, I can't say that it will never happen, it could definitely happen, but I can say that going to like 19k levels or so looks nearly impossible at this point.

Of course we are in bitcoin world and nothing is impossible, I wouldn't be shocked to see 10k neither, even under that, because bitcoin can do anything, if grayscale ends up selling half a million bitcoins, we would see even under 4k. However we are talking about sooooo many bad things happening back to back without stop for that to happen, whereas bouncing back from 24k to being 40k is a lot simpler option we have right now, hence why I think that is a better possibility.

[vk279]

I am not sure what is Rational and what is irrational when it comes to Bitcoin.
One thing is for sure, traditional Technical Analysis won't work on Bitcoin.
So many institutions are jumping in, I don't see any major correction.
This will keep on going up with minor pullbacks.