As you saw on my previous charts i am very bearish. Despite our comeback to previous levels its only market correction after the big dump. Here is a theory based on the Wyckoff distribution periods. Will be very interesting to see how it is going to play out.
Here is one scenario for BTC next moves. Copy of the previous period, break out to 9000 levels with some weird pump as everybody expects, correction to 8300, little bounce to 8700 levels or lower as it should be a lower peak and break down to 7600 - 7800 level as it was a strong level, redistribution there, fake out pump and break down to our second bottom around 6k at 1st of April.
In the next chart, i will share my bearish thoughts why we are still in the downtrend and far from the end of it.
Here is one scenario for BTC next moves. Copy of the previous period, break out to 9000 levels with some weird pump as everybody expects, correction to 8300, little bounce to 8700 levels or lower as it should be a lower peak and break down to 7600 - 7800 level as it was a strong level, redistribution there, fake out pump and break down to our second bottom around 6k at 1st of April.
In the next chart, i will share my bearish thoughts why we are still in the downtrend and far from the end of it.
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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.