Xzhi
Short

Bitcoin (BTCUSD) In Wyckoff Distribution?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Before you make fun of me, I know how this looks like. I've looked through my past ideas and it seems like I am a perma-bear. That is not the case. I am very bullish on Bitcoin and have longed previous prices, but just have not shared those ideas publically. I posted all my trades in the previous related ideas section, which includes some bad ones.

Bitcoin currently seems like it is in distribution. If it starts moving higher steadily, I will long again. For now, I have closed all long positions and am flat, while considering a short. If you are interested in Wyckoff, you can search the Wyckoff Schematic pattern and explanations.

While people have compared Wyckoff to the frequently mocked Elliot Wave theory, it has predicted the Tron move upwards (see idea in related section). Maybe that was painted, but perhaps it can predict the further Bitcoin movements.

The reason is due to the high funding and open interest rises, which suggest large amounts of long positions are being opened here, leading to a potential drop .

Thanks for viewing! I doubt anyone else is going to post a bearish idea here. I wanted to share my current thoughts, even if the chart will ignore everything and keep going higher, which is a real possibility. I'm happy everyone is making money and having a good time in this market. I am too.

My prediction for this idea is that it will receive little support due to everyone viewing being long & hoping for 5 digit Bitcoin , but will surpass 300 views.
Trade active: I'm in 75% of my position. I will probably get out if it moves higher & holds there, but will add if price shows me I'm right.
Comment: 9340.56
Comment:
Comment: My current plan is to add to my position if I am right, and completely exit if I am wrong.

I'm actually somewhat confident, and so I want to use more contracts. Might bite me later though.
Comment:

I plan on adding more here. Will be doubling position size.
So wick to 6400 is sign of weakness then ? Hmm it seems very fit,nice job dude.
Reply
Yep, same idea i have...Good analyze
+1 Reply
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