BTCUSD Has moved parabolically from 20k to 40k in less than a month. This type of growth has been maintained with uncertainty in the United States over the dollar and montary policy and a strong Alpha for institutions. However, Bitcoin has entered a greedy euphoric stage of the market where participants are continuing to pour money into it pushing prices to extreme highs. It would be healthy for Bitcoin to come possibly consolidate between 38k-41k and prehaps retrace down to 29k when this huge run started only 5 days ago. With a high demand and limited supply, inflated prices make sense, but to what extent? Will buyers continue to look for limit sells sitting at 41k-45k-48k and higher? Or will profit taking finally take place at 40k? Note
Bitcoin has entered a panic sell mode. London should indicate how far BTC might push as more volume enters the market. Could be buyback, however I expect more profit taking and the rotation to 29,851 before any real buyback takes place.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.