Insights

Likely 40K rejection

Be wary of $40K, If we are going to hit the ceiling it will likely be rejected pretty hard. If I was going to bet I would bet against a break above $40K. We are around 45% from ATH at time of writing and to push past $40K would take a hefty amount of buying in a moment where fear of more downside is on the minds of every trader. There are going to be fairly large amounts of people who wish they put a stop loss at $40K wanting to cash out after getting back to that spot. The question is whether those people who missed out on that 40K are going to get greedy, and betting against greed is never a smart move. If we break $43K we are in a bearish reversal and it may be a close to linear progression towards 50K. The chances of $50K breaking is next to impossible this week, yet crazier things have happened in the world of Crypto. 

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