wyckoff bitcoin distribution
Updated
i think bitcoin is in a big distribution range. I pointed the trading range out with grey lines. In the middle you can see the equilbirium, what coincides good on the 4hr.
You can see that the preliminary support was the last level before the trading range began. the buying climax was at 10300-10500 with an automatic reaction. alle the way back
to the lows of the trading range. some people say its manipulation. i think its the start of some big profit taking.
you can see the change in trend. the red volume candles are much bigger. The secondary test made a lower high. than al to the lows at the trading range its now showing a rally of weakness where you
can see that bears are much more in control than the bulls. the volume is also very low.
I pointed out 3 entry point of shorts. entry 1 is easiest way tot get in but also the most risky one. we have to see how it develops. entry 2 is at the top of trading range. Entry 3 is the possibility of a big fakeout what
will mislead most traders. the 10800 -10900 is an untested level on the 4hour. so my guess is that the resistance is too much over there. entry 3 is a possibility but not likely i suppose.
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Note
As you can see the distribution played out. Entry point was too ambitious and already made a lower high at 10k
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