BTC Wyckoffian Analysis - Appearing alerts of Redistribution
Updated
I posted on my last post here, that I’m thinking the price will rise, but now I think I was wrong.
I think there’s a lot of weakness in the market and I will explain why:
1. The highest VP points on the lower half of the range - that is a Sign Of Weakness(SOW) because it means the for most of the range, there is not enough demand, the supply slowly pushes the price lower, and the demand fails to handle it.
2. The volatility is noticeable - there is not even one bullish movement that is not answered with an equal or stronger bearish movement
3. The range keeps getting lower lows
4. OBV decreases through the range - indicates higher volume for bearish movement
5. Macro descending triangle - the range is also a triangle pattern, which indicates movement continuation
6. Macro H&S - the range is the right shoulder of a much bigger H&S pattern
I think there’s a lot of weakness in the market and I will explain why:
1. The highest VP points on the lower half of the range - that is a Sign Of Weakness(SOW) because it means the for most of the range, there is not enough demand, the supply slowly pushes the price lower, and the demand fails to handle it.
2. The volatility is noticeable - there is not even one bullish movement that is not answered with an equal or stronger bearish movement
3. The range keeps getting lower lows
4. OBV decreases through the range - indicates higher volume for bearish movement
5. Macro descending triangle - the range is also a triangle pattern, which indicates movement continuation
6. Macro H&S - the range is the right shoulder of a much bigger H&S pattern
Note
We have just got a new and much stronger UTAD, Seems like BTC is going to sink
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