I've been watching Bitcoin recently and saw price has doubled topped on the daily time frame, however, while noticing that, I can't help but also see price is currently ranging in distribution phase on the daily time frame as well. As price came down from the peak, it has rather interesting that it is consolidating, scaling down to the 4 hours we see the Wyckoff accumulation phase.
Now reason being that I believe trend is medium to short long is because, in the bigger picture, price has made a double top but also in the Wyckoff distribution phase, so our biased in the long term is short. I do expect to see price head up (those of you that know and understand Wyckoff will understand why,) before having a sharp decline to the downside just like in May. Question is when? Well we play the waiting game.
Back to the 4 hours, since the spring event has happened, we are told to look for entries on LPS, I've used Fibonacci retracement and saw price retraced at 38.2 level meaning it's a strong up trend, lining up with the extension, my targets will be 1.272 and 1.618.
Now reason being that I believe trend is medium to short long is because, in the bigger picture, price has made a double top but also in the Wyckoff distribution phase, so our biased in the long term is short. I do expect to see price head up (those of you that know and understand Wyckoff will understand why,) before having a sharp decline to the downside just like in May. Question is when? Well we play the waiting game.
Back to the 4 hours, since the spring event has happened, we are told to look for entries on LPS, I've used Fibonacci retracement and saw price retraced at 38.2 level meaning it's a strong up trend, lining up with the extension, my targets will be 1.272 and 1.618.
Comment:
Another hit to the 38.2 level but also price has created an inverted H & S #, well spotted by @theothermurph511
Trade closed manually:
Price is heading towards the downside, we manually close our trade, prior what I said before, price has made a double top on the daily, came to retest the neckline and dip down even further. On to the next one ;)