There is a correlation between the cycle that started at the beginning of 2021 and the cycle that started in July 2021.
The first Wyckoff Formation passed 5 cycles and now we are in the fifth cycle (Markdown) of the current formation.
If history repeats itself, we should be aware that a new dip is coming and we have to trade with caution.
If Bitcoin can't make it through 47500 bypassing the resistance outlined with the rectangle on the top, we can expect Bitcoin could test the second resistance line at 32000.
The first Wyckoff Formation passed 5 cycles and now we are in the fifth cycle (Markdown) of the current formation.
If history repeats itself, we should be aware that a new dip is coming and we have to trade with caution.
If Bitcoin can't make it through 47500 bypassing the resistance outlined with the rectangle on the top, we can expect Bitcoin could test the second resistance line at 32000.
Note
Please check the numbers on the chart, do you see the correlation? I also want to point out, the Evergrande crisis in China and the last ban of cryptocurrencies from China already turned the arrows negative.
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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.