Bitcoin Final stage of a Wyckoff Distribution schematicTLDR:
• IMO, Bitcoin is in the final stage of a Wyckoff distribution phase. From here we can expect the price to drop to roughly 24K.
• Confirmation: Daily close below the upward-sloping trendline with a retest as resistance.
• Invalidation: Daily close above 29.5K with a retest as support, followed by a HH.
My Friends.
• Let me begin by writing that I have no intention of spreading FUD. Consider my opinion as a possibility. A fellow trader and your friend is sharing his opinion. If I am correct, Bitcoin, and the whole crypto market, is going to dump, hard. If I am wrong, I provided my invalidation points, and you lose almost nothing by being patient.
• My notion is that Bitcoin is in the final stage of a Wyckoff distribution schematic. From here we can expect a correction. Maybe even as low as 24K.
What is Distribution?
• The distribution phase is a period of sideways price movement. During this phase, the MM is keeping the asset’s price in a tight range and exerts sell pressure to prevent the price from breaking above the range high. The MM’s intention is to sell high and drop the price down to buy back again for cheap.
• The clue that helped me realize that we are in distribution was the sharp move above the range high on July 13th followed by a sharp decrease in price on July 14th. This move in Wyckoff terminology is called Upthrust After Distribution (UTAD).
• Every swing up in price after the Upthrust is called the Last Point of Supply (LPSY). Meaning that the MM is raising the price sharply to lure traders to buy and then, drops the price sharply.
Other Clues:
Alts:
• IMO, the altcoin market is giving away the MM’s lie. While Bitcoin did make a HH, the alts, mainly ETH did a LH. It makes me think that Bitcoin’s HH was just an overshooting wave B. I am not an EW specialist, but wave B is a corrective wave moving up. This is exactly what we had seen in Bitcoin’s price. A sharp move up to lure traders to buy, followed by a month-long range to distribute Bitcoins supply.
Example ETH:
Volume:
• Volume is another giveaway. Look at the volume. We see sharp spikes of buying pressure followed by heavy sell pressure. Overall, volume is declining.
Bearish Divergence:
• During this distribution range, bitcoin formed bearish divergences on the weekly and daily charts. A Bearish Divergence is a sign of exhaustion. It signals that the uptrend is losing steam and a pullback is due.
Weekly Bearish Divergence:
Daily Bearish Divergence:
50D EMA:
• The 50D EMA is my marker of the trend. Whenever Bitcoin drops below the 50D EMA. You can expect the price to continue lower (linked TV idea).
Blackrock ETF:
• If you think that BlackRock is coming to the rescue, just think: What is more likely? That BlackRock will buy high to sell higher? Or, that BlackRock will dump the whole market to buy cheap and then sell high?
Pullback Targets:
• ATM I need more clarity. It is not yet certain that I am correct. If the price drops below the upward-sloping trendline, I will do my best to provide you with targets.
• My tentative target is the 0.382 Fib retracement for the whole move up at roughly 24K.
Invalidation:
• Daily close above 29.5K after retesting as support.
• HH, above 31.8K.
NFA.
What do you think? Please share in the comments.
Best Wishes.
Bitcoinshort
SHORT - Bitcoin, medium-term projectionAccording to my technical analysis, a correction in Bitcoin prices should begin to be generated, it has generated the 5 Elliot waves, it has respected the fractals, it has generated a double top and it is at a 52-week high, so which the greatest probability is that it will fall between 38% and 50% according to the Fibonacci retracements to continue with the upward trend. What do you think?
bitcoin scalp trades hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. Please also refer to the Important Risk Notice linked below.
Bitcoin: H4 analysis (SHORT)Hi guys
I hope you have used and benefited from the previous analysis.
Now that Bitcoin has hit its downtrend line. We expect it to reach lower levels, namely 30500, 30300 and 30000, after the rejection.
If Bitcoin strongly crosses the 31000 level, this analysis is invalid.
Bitcoin Printed The 8H Exhaustion candle.Down Side ImminentBitcoin printed 8H candle stick that shows exhaustion in the market and will start the sell off
the video is about btc mostly but I published it while being on ETH.fix this tradingview let us choose what category we want it.OHN JEEZUS KRIST
Thanks for watching
#BTC 🔴 H1 SHORT (BITCOIN). Possibly W1 PPR ⬇️Interesting developments in Bitcoin. It seems that they tried to break through 31k several times, but at the same time, the 30k resistance worked out many times.
But the last powerful impulse on the background of FUD took out the stops of all the longists, who stubbornly gained their positions in the LONG for a long time.
We have been moving in the H1 range for a whole week, and most likely, the last downward impulse predetermined the current situation in BTC.
At the D1 resistance, and the upper limit of the H1 range, a Double Top has formed, a Global Imbalance Level, which the price has already tested. And this gives an excellent signal to open a sell position. A retest of the imbalance is still possible, after which, with a high probability, we will go into the long-awaited correction, to the lower border of the H1 range (29982) and up to the previous Impulse Level (28737)
p.s. In addition, on W1 we have a hint of the formation of a Bearish PPR, the implementation of which will definitely send the price to the level of 28.8-28.6K.
p.p.s. In addition, the current Bitcoin Futures Contract on the Chicago Exchange expires on 07/01/2023. Accordingly, there should be significant volatility in the market.
input: 30605 (on unbalance retest)
stop: 31227
tp-1: 29982
tp-2: 28737
💥Bitcoin (BTCUSDT): Pullback in Short Term?Together we have followed the last part of this rally (see chart below) correctly, but now we cannot rule out some corrective structures in near term. That said, the trend is bullish on Daily and Intraday Charts, so if you decide to take a short position, you have to wait for a bearish signal. From our point of view, if BITSTAMP:BTCUSD triggers a corrective structure, it could form something like ABC Pattern.
The simplest strategy is to wait for the first bearish leg on small time frame and try to take a short position after technical rebound.
BULLISH SETUP
Like to support my work.
Trade with care!
BTC - it is bearish, but high-riskHello,
Last week, we opened a short position on the bearish trend and exited with a decent profit. Afterwards, we observed a rapid price growth in Bitcoin as it entered the support range and positive news emerged. However, it can still be said that the overall market trend remains bearish. Therefore, with some risk and careful capital management, we have entered a new selling position.
Wishing you profitable trades.
BTC Bitcoin and the Wall Street-backed EDX Exchange LaunchIf you haven`t bough BTC on this Blackrock filing here:
Then you should know that the recent launch of the Wall Street-backed cryptocurrency exchange, EDX Markets, is a significant development that signals growing acceptance and adoption of digital assets within the traditional financial industry. This event brings a bullish sentiment to the crypto market, indicating increased confidence from institutional investors.
EDX Markets is specifically designed to facilitate safe and compliant trading of digital assets, offering clients distinctive benefits such as competitive quotes, liquidity, and a non-custodial model. By prioritizing best practices and establishing trusted intermediaries, EDX aims to alleviate conflicts of interest and provide a secure trading environment.
The initial assets available for trading on EDX are the largest cryptocurrencies by market capitalization, including Bitcoin (BTC) and Ethereum (ETH), as well as Litecoin (LTC) and Bitcoin Cash (BCH). This selection showcases the platform's focus on the most established and widely recognized digital currencies, instilling confidence in investors.
The entry of prominent financial players such as Schwab, Fidelity, and WisdomTree into the cryptocurrency space further strengthens the bullish case. WisdomTree Investments' recent application for a Bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC) reflects the growing market interest in this investment vehicle. With BlackRock's filing also fueling the discussion around Bitcoin ETFs, it is evident that established firms recognize the potential of cryptocurrencies as a legitimate asset class.
In this context, my short-term price target for BTC is $31K. However, I maintain a bearish outlook for the overall year due to the ongoing Binance investigation and the lawsuit filed by the SEC.
Looking forward to read your opinion about it.
Bitcoin collapse? or drop down to around 26k?Bitcoin seem to be bearish even though it has traded bullish for most of the week, we could see it bouncing off nicely from a 60 minutes(1 hour) timeframe orderblock. With enough liquidity taken from previous structural highs on the daily timeframe and the latest liquidity taken being last month's high and price failing to make high(s) above yesterdays high around 30700, we could anticipate price moving back down for some retracement at least, especially since the weekly timeframe is yet to make a good buy structure after bouncing off nicely from the monthly fair value gap. The 26000 price level seem to be a pretty good and strong support area that the market could trade into and if price continue to trade down below 24800 then we could anticipate a collapse down to 15500.
BTC Shockwave Alert: Unveiling a Potential 21.93% Dump
Technical Analysis:
A pullback is evident in the 2-day chart, indicating a potential further decline. You can view the chart here.
The 16-day chart also shows a pullback, which could impact the possibility of reaching the all-time high of $200k (a dream worth chasing!). You can see the chart here.
It is advisable to refrain from initiating long positions unless there is a significant breakout beyond the 32k level.
Please feel free to share your analysis and insights to enhance the shared idea. Additionally, your comments to know stop loss updates would be appreciated.
☝️Can Bitcoin be analysed?☝️Can Bitcoin be analysed?
Hello my fellow traders! I suggest you pay attention to the H4 chart of BTC/USD.
In my opinion it is quite difficult to analyze cryptocurrency pairs due to big influence of external factors and information environment around.
We can see the correct downtrend has formed and today the price is on the upper border of the channel. (26850.0)
✅I assume a move to the lower boundary of the channel with a pause around 26000.0 in the near future
✅The main target for me is 24880.0
☝️Good luck and remember about high volatility of cryptocurrency pairs!