Bitcoin - Distribution or Re-accumulation?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi traders,

I hope all is going well with everyone.

Bitcoin is currently in a trading range (sideways trading) for the past 10 days - trading between $8200 ( supply zone ) and $7050( demand zone ). I can see some major signs of weakness that Bitcoin price is showing.
For example, the major rally from $7200 to $8100 with volume strength but prices failed to make any new highs and bitcoin , therefore, fell to $7400.

  • Current support is at $7450 (marked in green)

For now, it is fair to say that bitcoin will correct to $7700.
Again, we need more volume and price action data to confirm if this is a distribution or re-accumulation.

Best of luck and have a great weekend: )!
- Abdulla
Comment: I can see some selling pressure coming in
All charts posted are for educational purposes only - I don't sell signals or give any courses. Enjoy :)!
Momentum is fading
tks for sharing
this is my chart
I have a feeling that the market wants to attempt a rally higher in a "UTAD" form that traps bulls around $8.8-9k thinking $10k will come before another leg down
+1 Reply
@atorrealba, Indeed, this is also a very valid scenario that I was thinking about earlier
+1 Reply
Glad to hear you again man!
+2 Reply
abdullatrader therealisticworld
@therealisticworld, I actually miss posting on trading view. I got busy with trading the markets and sometimes it gets overwhelming to update charts especially when you have a high number of followers. Thanks for your kind words :)
+3 Reply
Hi, is this type of TA what we call price action ?
@HoudiniX, Hey - Yes, this is a mixture of Richard's Wyckoff method and price action.
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