Are we in Wyckoff's distribution? Consider before Fomo
Updated
Something to consider before fomo buying the current bullish sentiment
Please google the actual Wyckoff distribution schematic if not familiar with this.
Buying climax was the 42K top
Automatic Reaction buy being the 31K temporary bottom
Secondary test being the 39.5K top
Sign of weakness in Phase B being the double test of the 29.5K area
It is possible the current area is Upthrust from the SOW of 29.5K heading into 40K again
I am short considering the above picture, and that we are in a TD 9 on the 4 hourly, 12 hourly and prior TD 9 on the daily.
And also given high interest rates on bitmex/bybit at around 0.1% per 8 hours, and high Bitmex premium index I'm betting a downwards movement.
Just my opinion and my style of trading. This thing could also just go straight up proving all bears wrong
Please google the actual Wyckoff distribution schematic if not familiar with this.
Buying climax was the 42K top
Automatic Reaction buy being the 31K temporary bottom
Secondary test being the 39.5K top
Sign of weakness in Phase B being the double test of the 29.5K area
It is possible the current area is Upthrust from the SOW of 29.5K heading into 40K again
I am short considering the above picture, and that we are in a TD 9 on the 4 hourly, 12 hourly and prior TD 9 on the daily.
And also given high interest rates on bitmex/bybit at around 0.1% per 8 hours, and high Bitmex premium index I'm betting a downwards movement.
Just my opinion and my style of trading. This thing could also just go straight up proving all bears wrong
Note
If we head to about 33K, we can pretty much say with high probability that this is a confirmed distribution area.What does that mean to us Traders?
It means stop thinking in trends, and start thinking in ranges.
Range thinking = Buy support, sell resistance.
Trend thinking = Buy dips in uptrends, sell rallies in down trends.
Note
Nevermind. Elon intervention BRrrrrrr
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