Hi all,
The phase D of distribution schematic in my previous Wyckoff analysis didn't happen. It seems that the small rally of BTC caused a phase Shift.
I think that this small rally is generated by FOMO effects and belief on doveish scenarios after FED decision on rate (+0.25%) and Powell's talk on 1st Feb.
As a consequence, the previous Wyckoff analysis on a distribution is still valid. The Phase D is just delayed and it would happen soon. This means that distribution is almost completed and prices will go down (in short-term).
If the correction starts, I expect that the retest of the longterm trendline will happen in the end and after that BTC will resume its uptrend to retest the key level of $28000s ( cf . my post "BTC bottom is in?" in the Related Ideas).
Thank you for reading this and don't hesitate to comment.
Cheers!
The phase D of distribution schematic in my previous Wyckoff analysis didn't happen. It seems that the small rally of BTC caused a phase Shift.
I think that this small rally is generated by FOMO effects and belief on doveish scenarios after FED decision on rate (+0.25%) and Powell's talk on 1st Feb.
As a consequence, the previous Wyckoff analysis on a distribution is still valid. The Phase D is just delayed and it would happen soon. This means that distribution is almost completed and prices will go down (in short-term).
If the correction starts, I expect that the retest of the longterm trendline will happen in the end and after that BTC will resume its uptrend to retest the key level of $28000s ( cf . my post "BTC bottom is in?" in the Related Ideas).
Thank you for reading this and don't hesitate to comment.
Cheers!
Note
We are in phase D of a Wyckoff distribution. Selling pressure increases.Now $23300 becomes a resistance and prices will naturally driven down to AR support ($22600).
Note
Prices has almost touched the AR support ($23600). BTC would bounce a bit here. If and how long this support could hold?Note
BTC is still moving as expected with this plan. Small bounce at $22600 happened yesterday and now this level is being lose. One can see, during this distribution, that 'red' candle are with high quality than 'green' ones: long body with hjgh volume.
Note
Wyckoff range was broken quite fast, but as expected, then BTC is dropping.The successul retest of the longterm trendline (at around $21000) will be a good sign for bull. If not, there's still one last hope (in my opinion): BTC will bounce after filling the CME gap or touching the MA200D, at around $20000.
Dropping lower to $18000, things would completely change.
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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.