Quite convincingly we are confirming support near $40k.
This was a much needed confirmation, as we were flying high for 10 days in a row. The market needs to know that $35k is not on the table. This new support line seems pretty strong and a lot of Bitcoin has changed hands at this level considering the current supply shocks.
Of course we still need to bounce higher for actual confirmation, but the time we've spent here already and the increasing volume looks to be like quite a good sign.
At this point I expect to be testing and getting rejected at $45k by the end of the week. We still have until August 8th until the new moon. Should Bitcoin keep trading with the stars we'll be going up one more time in the next week. After that I suppose we'd expect to test resistance at $40k again before getting enough energy to crush the double resistance at $45k.
The $5k Crux
Anytime we are trading on these $5k increments ($35k, $40k, $45k) is the best time to make a move. The market seems to love this unit bias. Bulls should be buying and bears should be selling. We are either going to $45k or $35k and the bots seem to know it. As a perma-bull everyone knows my stance. Buy buy buy.
The next full moon to new moon upward cycle occurs August 22 to September 6th. I hope to be testing all time highs by the end of that period. There's an okay chance that instead of trading down and confirming support during the down cycle we just trade flat near $45k during that time. Depends on if this mega-bubble shift is the real deal... which it seems like so far. We'll have to cover some ground.
price price price blah blah blah
It's somewhat ironic that if blockchain does what we want it to do the price of things isn't really going to matter. In fact it's only a matter of time before a cryptocurrency becomes a better unit of account than USD. Have you seen USD lately? It's not going to get more stable over time. At that point fiat becomes totally irrelevant, everything will be priced in crypto.
Obviously the price is a nice thing to focus on in the short term. Number go up exponentially is a pretty wild feeling. We've been slaves to economic scarcity for so long it's hard to think in any other way. It is in everyone's best interest to prepare for abundance and the ability to have extra leftover. Sounds easier than it really is. Greed has a fun time of getting in the way.
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