if we apply the wyckoff phases to the current setup
then id say we are in phase B and a bear trap is brewing . I also suspect this current setup to be a continuation of the idea presented earlier in the graph below
In a wyckoff phase B when the support is broken there can be a reaction in the form of a fast move up called the ( MSOS) Minor or Major sign of strength .
Hence what Im expecting is BTC may test the or break the bottom support line and then move back upwards quickly .
This action should be a Bear-Trap and eliminate the late shorters.
then id say we are in phase B and a bear trap is brewing . I also suspect this current setup to be a continuation of the idea presented earlier in the graph below
In a wyckoff phase B when the support is broken there can be a reaction in the form of a fast move up called the ( MSOS) Minor or Major sign of strength .
Hence what Im expecting is BTC may test the or break the bottom support line and then move back upwards quickly .
This action should be a Bear-Trap and eliminate the late shorters.
Note
Could BTC move up from here instead ?----------
Sure ...Anything is possible in this market but looking at the setup highlighted on the weekly chart below this is not what Id expect .
Rather Im expecting further downside before any further upside.
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Disclaimer
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.