If this was to take place, it could be counted as a completed third leg in the wedge which I've been discussing recently.
I'm really not satisfied with the price action over this last week; and it really does look to me like a phase of re-distribution -> which is why I've put myself on the sidelines for the time being.
Until I can conclusively eliminate this idea, I'll be 100% cash.
----
w5 target = 24k.
----
ps. i have this little indicator which has been calling out every single top in this downtrend.
Whenever it clusters the way that it's doing right now, it has led to a fairly large descent in the days which followed.
✌
I'm really not satisfied with the price action over this last week; and it really does look to me like a phase of re-distribution -> which is why I've put myself on the sidelines for the time being.
Until I can conclusively eliminate this idea, I'll be 100% cash.
----
w5 target = 24k.
----
ps. i have this little indicator which has been calling out every single top in this downtrend.
Whenever it clusters the way that it's doing right now, it has led to a fairly large descent in the days which followed.
✌
Note
might see more chop before it breaks, considering how intense the chop has been thus far.Note
the last two times this signal popped up, btc got dropped pretty hard.currently starting to print.
i give it another day maximum before it flops
Note
good chance it raids the range highs, to stop out the shorts. expect itNote
it could also get a bit more complex and chop around until the new moon which will appear on the charts on may 30th.
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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.