BTC Bottom is In
Updated
- BTC very clearly followed a support line that broke leading to the flash crash we recently saw. This came after a textbook Wyckoff Distribution phase that lasted about a month or so (please google "Wyckoff distribution" to see related images).
The Wyckoff Distribution has been completed and we now move on to the next phase; accumulation. For the last 6-7 weeks btc has been in an accumulation zone right above a critical and extreme support zone (see chart for labels).
With the start of Q3 we can expect to see BTC make a recovery back above $50,000 and potentially set new all time highs in Q4 (more to come on that though). Market sentiment should reverse back to bullish in the next week or two.
If the price of BTC breaks below critical support we can expect to see $20,000 BTC once again however there is only a 20-30% chance that this occurs. Happy trading and see you on the next update!
Note
Forgot to mention...BTC needs to have a clean and decisive break above the 35k-36k zone before going long. Cheers.
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.