On the monthly we can see that price closed on a bearish engulfing on heavy supply last month, and that the candle forming right now on the monthly show signs of absorption and decreasing of demand when it approaches the 40k area. Which both tell me that it will test more the 32k area before maybe retracing up to the 48k area, that i would ONLY consider if there's a break upside the 40k zone on a SOS. But for now, there's not reason for me to hold buys positions, since there's a risk it will test lower before, which is it not making worth buying right now.
And from how I see the cycle into what price is forming right now, and signs of supply weakness when it goes to the 30k-32k zone, I expect it on fact to retrace back around the 48k. But it ain't telling me it wants to do that unless it breaks upside 40k.
And from how I see the cycle into what price is forming right now, and signs of supply weakness when it goes to the 30k-32k zone, I expect it on fact to retrace back around the 48k. But it ain't telling me it wants to do that unless it breaks upside 40k.