BitcoinShort
BTC Wyckoff Distribution
BTC has now reached the 2.618 extension of wave 1, and is showing bearish RSI divergence on the 4 hour.
These two factors make Wyckoff distribution cycle which is currently setting up more probable.
If the lows of 5450 break, Bitcoin will likely continue downwards toward 5000, for a .384 retracement retrace of Wave iii.
This is a swing trade, which is more or less set and forget. If entering in this range, AL should be set no lower than 5877. The safest bet would be shorting a break of 5450.
tp1: 5300
tp2: 5000
Happy trading!
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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.