When we compare the bitcoin price action with the chart, obviously we are in final part of phase D of the distribution.
Means after the BTC formed and confirmed 2 days ago the formation of the in black dots, I expect BTC to rise to about 37k or little above to secure the bears whales to sell at the best price possible before the dump and to secure the best short price as possible.
The only possible way to confirm that Bitcoin is on the road for a reverse trend when BTC cross the resistance of 42K.
The very similarities happened in 2018 selloff when we formed a after we have the death cross https://s3.tradingview.com/snapshots/d/d...
The distributions always happen in BEAR market verses the accumulations happen in BULL market witch many think that this what we have now... in my opinion it's wrong until we see BTC cross the 42K.
This is not an advice for trading, Please like if you agree even somewhat with my analysis. Thank you!
It's safer to wait for an absolute reversal in trend.
Stay tuned, I'll be back!
Pullbacks is imminent right now StockRSI is overbought and stalls, the question is from what level the bonce happen 36k or 28k. I expect to bounce back from 36k now, just because still some room to rise on the daily RSI.