Its getting interesting in stock indexes and so its time to look at BTC higher time frame through the Wyckoff lens again.
BTC may yet drift sideways as suggested in previous thread but looking now at the supply trendline; it is currently acting as resistance and it looks like we're about to see a second of two stars printed on weekly candles. This shows heavy sell pressure and if BTC doesn't push through that supply trendline it could be another leg down soon to test the Wyckoff support area @ 28K then into Mark Down to take BTC much lower. And probably a good question to as is that if Mark Down begins at 28K - where is the eventual bottom?? 😸
Also for those that haven't seen my Wyckoff write ups - notice the very low volume at ATH. This shows that leg up was not a motive / impulsive wave, but an irregular / expanded* corrective (B) wave, and Wyckoff UTAD Upthust After Distribution.
...
Something very similar is happening in stock indexes and here is SPX - just the same as BTC, it is failing at the supply trendline as the downtrend continues. This last SPX failure could be critical I think and shows that impetus is still with the downside and another leg down will be coming. And what type of wave will that be ? - Who knows really but it may cause a lot of panic and panic leads to selling and selling leads to big crashes, so we'll see.
And obviously for anyone that hasn't worked it out yet - a stock crash = BTC crash. BTC is not a hedge against the stock market - no no no.
See you at 20K.
If you enjoyed this analysis leave a like / comment. If you didn't like this analysis you can still leave a comment if you like 😄.
Not advice.
BTC may yet drift sideways as suggested in previous thread but looking now at the supply trendline; it is currently acting as resistance and it looks like we're about to see a second of two stars printed on weekly candles. This shows heavy sell pressure and if BTC doesn't push through that supply trendline it could be another leg down soon to test the Wyckoff support area @ 28K then into Mark Down to take BTC much lower. And probably a good question to as is that if Mark Down begins at 28K - where is the eventual bottom?? 😸
Also for those that haven't seen my Wyckoff write ups - notice the very low volume at ATH. This shows that leg up was not a motive / impulsive wave, but an irregular / expanded* corrective (B) wave, and Wyckoff UTAD Upthust After Distribution.
...
Something very similar is happening in stock indexes and here is SPX - just the same as BTC, it is failing at the supply trendline as the downtrend continues. This last SPX failure could be critical I think and shows that impetus is still with the downside and another leg down will be coming. And what type of wave will that be ? - Who knows really but it may cause a lot of panic and panic leads to selling and selling leads to big crashes, so we'll see.
And obviously for anyone that hasn't worked it out yet - a stock crash = BTC crash. BTC is not a hedge against the stock market - no no no.
See you at 20K.
If you enjoyed this analysis leave a like / comment. If you didn't like this analysis you can still leave a comment if you like 😄.
Not advice.
Comment:
This is why its good to have some "crop rotation" in markets because sideways trends are just lost opportunity cost.
Meanwhile precious metals, oil and energy very volatile.
Meanwhile precious metals, oil and energy very volatile.
Comment:
Massive yawns here for BTC but interesting how it is forming lower highs (LH) - similar fractal but much different timeline to 2018 mega-yawns contracting pattern.
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The more it drifts, the more it builds cause to the downside imo.
Already there are plenty of accumulation ideas making the rounds just as there were in 2018, but this sideways drift is a structure BTC makes in the last phase of re-distribution when the last of the upside cause is snuffed out and BTC will in the end RIP to the downside.