After the Ethereum merge the trading range has fully developed into distribution. RSI bearish divergence on the daily after completion of the UTAD Test (upthrust after distribution). Bleak outlook for ETH as it drops back into the TR
1D XBTUSD chart looking heavy
- Edge-to-edge play possibility if this daily candle closes inside the cloud
- Tenkan crossing below Kijun (bearish)
- Swing failure of range high on the 1D with continuation. Bottom of range isn't showing much support right now
1. Edge-to-edge play just completed on 1D XBTUSD
2. Chikou broke through price and entered cloud
3. Tenkan crossed the Kijun
All signs show a shift in the market. This trifecta has not occurred on the 1D since the beginning of Oct. 2020 when Bitcoin was at 11k
Possible Wyckoff Accumulation for Bitcoin. Currently in Phase D, we just had a substantial spring and test of the trading range. Bitcoin appears to be showing strength and exiting the last point of support, on to SOS (sign of strength) in the near future.