$BTC - Did we just experience UTAD?
I know we’ve been hearing about it for months now, but with the way that the 8hr chart on BTC is playing out, I personally needed to take a deeper look into Wyckoff and the possibilities that the current uptrend we’ve been experiencing was part of a redistribution schematic and if we had just experienced an upthrust after distribution (UTAD)
A few points worth mentioning:
- Our supports on the way down lend VERY well to the detailed “Schematic 0” of the Wyckoff redistribution schematics.
- May to June shows a great distribution pattern with the big possible rise that could be our “Upthrust”
- Sign of weakness stage aligns with the lower end of our May - June supports
- The move would align closely with a full 1.618 retracement from the top of the UTAD up channel.
- The final portion of Redistribution Schematic 0 plays very nicely with the Fibonacci locations within the upper portion of the down channel.
* This Content is for informational purposes only. You should not construe any such information or other material as investment, financial, or other advice.
A few points worth mentioning:
- Our supports on the way down lend VERY well to the detailed “Schematic 0” of the Wyckoff redistribution schematics.
- May to June shows a great distribution pattern with the big possible rise that could be our “Upthrust”
- Sign of weakness stage aligns with the lower end of our May - June supports
- The move would align closely with a full 1.618 retracement from the top of the UTAD up channel.
- The final portion of Redistribution Schematic 0 plays very nicely with the Fibonacci locations within the upper portion of the down channel.
* This Content is for informational purposes only. You should not construe any such information or other material as investment, financial, or other advice.
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.