Bitcoin Reaching For 40K? Anything Is Possible.Bitcoin has continued to surge to new highs today and appears to stop at nothing. Earlier in the week, it retraced from 34K to 27.5K in a matter of MINUTES which offers a taste of how dramatic a normal and healthy retrace can be.
At the current rate, it is within reach of 40K, and many are getting caught in the fear of missing out on routine. This is what you need to CONSIDER: The higher it goes, the greater the chance of retrace. All of the longs piling in at these highs will be the source of the dramatic selling pressure to follow once the buying activity is absorbed. The zone between 34K and 36K is a proportional area where a fake out is likely to unfold. At the time this video was made, the price has pushed through the zone which is a bullish sign.
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How will the next candle develop? IF any type of bearish reversal candle appears just above or near the 36 to 37K area, a sharp retrace is likely to follow. I am not bearish on Bitcoin, but the risk at these levels is not attractive for new swing trades.
Currently, the 32.5K, 30K and 27.5K areas are the supports that I am anticipating for a new swing trade setup to appear. Will price test one of these levels over the following days? No one knows, the idea is to be prepared for the opportunity and setup IF it appears. That is where probability and reward/risk are much more favorable for our specific swing trade strategy (which is NOT to be confused with day trades or investing).
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I hope you found my analysis and perspective helpful. Thanks for watching.