BitcoinShort
Bitcoin in the last part of PHASE D of Wyckoff distribution
Updated
I'm still not convinced that Bitcoin out of the bear trend until we reach the level above 42K. It also appears to me that bitcoin is following exactly the distribution of Wyckoff chart. miro.medium.com/max/875/1*0AAL3ZcLmfxpnG2mLvBH-A.png
When we compare the bitcoin price action with the chart, obviously we are in final part of phase D of the distribution.
Means after the BTC formed and confirmed 2 days ago the formation of the falling wedge in black dots, I expect BTC to rise to about 37k or little above to secure the bears whales to sell at the best price possible before the dump and to secure the best short price as possible.
The only possible way to confirm that Bitcoin is on the road for a reverse trend when BTC cross the resistance of 42K.
The very similarities happened in 2018 selloff when we formed a falling wedge after we have the death cross s3.tradingview.com/snapshots/d/dVP5vVw6.png
The distributions always happen in BEAR market verses the accumulations happen in BULL market witch many think that this what we have now... in my opinion it's wrong until we see BTC cross the 42K.
This is not an advice for trading, Please like if you agree even somewhat with my analysis. Thank you!
When we compare the bitcoin price action with the chart, obviously we are in final part of phase D of the distribution.
Means after the BTC formed and confirmed 2 days ago the formation of the falling wedge in black dots, I expect BTC to rise to about 37k or little above to secure the bears whales to sell at the best price possible before the dump and to secure the best short price as possible.
The only possible way to confirm that Bitcoin is on the road for a reverse trend when BTC cross the resistance of 42K.
The very similarities happened in 2018 selloff when we formed a falling wedge after we have the death cross s3.tradingview.com/snapshots/d/dVP5vVw6.png
The distributions always happen in BEAR market verses the accumulations happen in BULL market witch many think that this what we have now... in my opinion it's wrong until we see BTC cross the 42K.
This is not an advice for trading, Please like if you agree even somewhat with my analysis. Thank you!
Note
from 2018 Note
Pump and Dump, retesting at least the 35k. Reports that Amazon will not be accepting BitcoinNote
Funny and Sad how some leaves comments thinks they are funny but in fact making a bad influence on other people decisions. for those jockers, If you don't have a sense of responsibly to others get lost and out of my ideas comments completely.Note
Note
Still not convinced we have a reverse trend until we cross the 42k comfortably. Also because we have a very low volume and no insane news, We had a very manipulating and scam playout in my opinion. I expect to retest the 35k and than we will have another fake bounce all the way up to retest the 41k and the dump will begin after toward the 28k this time and in few weeks we shall see the touch down of the 20k or even lower.It's safer to wait for an absolute reversal in trend.
Stay tuned, I'll be back!
Note
s3.tradingview.com/snapshots/u/umAdh5Dz.pngPullbacks is imminent right now StockRSI is overbought and stalls, the question is from what level the bonce happen 36k or 28k. I expect to bounce back from 36k now, just because still some room to rise on the daily RSI.
Note
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