This is the same for $BTC and most alts right now.
Comment:
Option #3 = Neither. Just need to make a little adjustment based on new info.
Re: The Wyckoff Chart adjustment. This is Schematic #1 with a Spring (i.e. big ass dip) intended to shake out the remainder of those weak hands. The benefit of the Spring is a quicker reversal and move upwards.
The Spring is not required, however, by shifting the trend a bit and transitioning to Schematic #2. The PS, SC, AR and ST would shift over to the double bounce where ST in PHASE B is currently located. The dip to $.67 (Spring) becomes the ST in PHASE B. Everything after that would then be LPS until it breaks out.
If Schematic #2 does play out we will see sideways movement for a while. If we do see a Spring and shift back the #1, we'll dip below $.67 but move up quicker.
Just a guess. I think we see Schematic #2 play out. and if you want to slant some lines it will probably look like a slanted inverse head and shoulder pattern.
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.
Re: The Wyckoff Chart adjustment. This is Schematic #1 with a Spring (i.e. big ass dip) intended to shake out the remainder of those weak hands. The benefit of the Spring is a quicker reversal and move upwards.
The Spring is not required, however, by shifting the trend a bit and transitioning to Schematic #2. The PS, SC, AR and ST would shift over to the double bounce where ST in PHASE B is currently located. The dip to $.67 (Spring) becomes the ST in PHASE B. Everything after that would then be LPS until it breaks out.
If Schematic #2 does play out we will see sideways movement for a while. If we do see a Spring and shift back the #1, we'll dip below $.67 but move up quicker.
Just a guess. I think we see Schematic #2 play out. and if you want to slant some lines it will probably look like a slanted inverse head and shoulder pattern.