On a weekly timeframe, bigger picture is matching a double top distribution which we have seen on the smaller timeframe recently.
Not much to say really. This schematic suggests a mark down below 28.754 towars 24-27k and further after a weak bounce. It could vey well end up at 19.302 (70% correction) which looks impossible today. but remember Bitcoin was just $3.880 on March 2020.
I don't want to be overly bearish, but this is what the schematics suggest.
Markets are waiting for FED meeting on December 14-15 and this could trigger the real mark down of the mega structure as i've laid out here.
Not loosing money, is making money in this market, so stay safe and use a stop loss.
Interesting Analysis… how are you reaching a distribution conclusion without volume on your chart?
Volume is critical to Wyckoff analysis - the structures/schematics aren’t intended to be used as a roadmap in isolation of volume analysis in each phase. Richard Wyckoff didn’t even create these schematics - they were developed as a teaching aid after he passed away.
Seeing as how this is a gigantic structure - what’s to say this isn’t reaccumulation on the weekly with multiple distribution tops on lower timeframes?
Anyway, best of luck!
zcj3srdkqh
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You have too much fear. And also if your previous theories and beliefs change after a dip, they were not so strong in the first place
Wicktokick
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Don't think there is cause to be this bearish yet Right now I'm counting more on an accumulation within the 40-53k range (possibly 30k - 53k range). We've already seen a possible selling climax, automatic reaction to 51k, ST to 47k (right now). Next: a 53k HH (bear trap)? Then the safe play would be wait for that HH to be broken, way down the line, and buy the retest
I will try to get out of some of my alt positions though, your scenario is certainly an option and I would not like to hold uncertain alts. Especially those without decent PoS rewards
benarni
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@Wicktokick, exactly what i think. The price action after the drop looks pretty much like btc is defining an accumulation range for the next weeks. Already got rid of most of my risky alt-longs.
SaucedUpAnt
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I’ve been said this for the Weekly TF we’ve got a Fat H&S in the works.if you want check out my trade idea’s please and thank you I’d like the support. There’s nothing bullish about the chart for the people that are bullish. We are in a BEAR MARKET and accept the fact that we’re still maintaining bearish PA along all timeframes. No it won’t go straight down it will go down and than push back up before we get more downside. The bulls that are calling we’re going to 100k be EOY that’s a a wrap it’s a done deal 69k was the top. 28k may be the bottoms but I doubt if that area doesn’t hold we’ll be seeing a prolonged bear market. This is the same thing we’ve seen last spring in may huge sell off we’re seeing it again. Check out the monthly it doesn’t look very bullish at all we’re making a big old McDonald’s sign in the monthly we’re likely to see lower prices and same with alts. Alt season already happend it won’t happen again until after the bear market. But I believe we’ll see a prolonged bear market!
XRPROHK
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people always think it go more dip when fear .. but i can tell you bitcoin will go above 100K coming few months before the bear market
lazer_dance
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I think you lost pace. You used to do better before
no_method
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I disagree with this. I'm betting on seeing a concerted attempt at an ATH before we go any lower than 47k (if we do ever go that low again)
Heartskull
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Genius idea. Thanks. I dislike these moonboys who only know of euphoria and pump.
Tradersweekly
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Thank you for sharing and good luck with your trades! I am bearish as well.
Volume is critical to Wyckoff analysis - the structures/schematics aren’t intended to be used as a roadmap in isolation of volume analysis in each phase. Richard Wyckoff didn’t even create these schematics - they were developed as a teaching aid after he passed away.
Seeing as how this is a gigantic structure - what’s to say this isn’t reaccumulation on the weekly with multiple distribution tops on lower timeframes?
Anyway, best of luck!