Edit: There should be a giant “1” at the top to indicate a cycle or supercycle wave 1.
I’m neutral for now. But, a lot of news about PayPal and BTCUSD at a time when many altcoin-btc pairings look set to rally and BTCUSD looks like it might capitulate. So, here’s something just to keep an eye on. The box region shaded pink is the most recent Wyckoff accumulation phase that I found.
Based on market cycle psychology/psychological pitfalls of a market cycle (google them) and EW. Yes, I took a lot of shortcuts doing EW but should be enough to follow.
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I’m turning bearish. Here is where BTC needs to hold to turn this structure from distribution to reaccumulation. If it significantly falls into the symmetric triangle then I think it’ll continue down to Y.