We have been watching this chart for a while, and while times are uncertain with all of the contagion taking place in the markets, im hesitant to discredit the idea just yet.
We are still unable to close any higher than the 1.13 extension, which is a very common Bearish/Bullish rejection zone, and often used with the UTAD or Spring event in Wyckoff theory.
I would not trade off of this at this point, but want to keep an eye on the possibility of this being a typical manipulation move. We have yet to see any follow thru on the downside, or any significant validation for a bull case just yet.
Should we break back into our previous trading range priot to the FTX collapse, i would start to have more faith in this, but would keep an eye on the 19-20k for a rejection.
Its important to stay cautious, and use proper risk management, and to remain neutral toward common narratives while following the data these charts give us.
Exuberance is common on both sides of the spectrum. Retail didnt want to sell bitcoin at 69k because it was going to 100k, and it seems, currently, retail doesnt want to buy bitcoin at 16k, because its going to "10k". Max pain, imo, would be a recovery from this level, or perhaps, breaking the lows, followed by an aggressive move upward.
We are still unable to close any higher than the 1.13 extension, which is a very common Bearish/Bullish rejection zone, and often used with the UTAD or Spring event in Wyckoff theory.
I would not trade off of this at this point, but want to keep an eye on the possibility of this being a typical manipulation move. We have yet to see any follow thru on the downside, or any significant validation for a bull case just yet.
Should we break back into our previous trading range priot to the FTX collapse, i would start to have more faith in this, but would keep an eye on the 19-20k for a rejection.
Its important to stay cautious, and use proper risk management, and to remain neutral toward common narratives while following the data these charts give us.
Exuberance is common on both sides of the spectrum. Retail didnt want to sell bitcoin at 69k because it was going to 100k, and it seems, currently, retail doesnt want to buy bitcoin at 16k, because its going to "10k". Max pain, imo, would be a recovery from this level, or perhaps, breaking the lows, followed by an aggressive move upward.