The price is still over two supply lines/tendency lines, but for how long? Right now the objetive of measure move of our first fall/triangle/coil is technically accomplish, I have market the 49.920 and It went to 50.500...
All this combined is a good entry point for a few investors, the price could even go up until the POC in 56.000 which is also a good entry point for short sellers.
Right now the price went expulse out of the upper High Volume Node, we can asume all this as a distribution zone and the price can go up to test to the zone, the remaining long positions could be closed close to this area in breakeven sending the price back to lower numbers.
If the price break the next tendency line/supply line/creek a second (and bigger) Measure Move could give us the price objective close to the 40k which is close to the MA of 200 periods in daily chart, the price always goes to this MA in some point.
Trade active
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We are in the moment of true. Lets see if that line support the price, if not, I see a black future for crypto's
this is wyckoff events happening right now, to 43 even 39k at this point is possible, i hope not, but not impossible with the chinese regulation and accidents in xinjian, i sold all my btc at 61k m went full short , few days later it dropped to 54k ouch
I'm not expert in Wyckoff, I prefer see each event one by one and understand why is happening and the price structure. But I was also surprised when I saw that schema.
amaloyz
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@rovamad, its about 90 percent correct , its scary imagine trading off of it two/three month ago $$$