I believe we are in a BTC Wyckoff Distributions UTAD phase. I also believe we are on our way out of a trend change aka, we are no long looking through the lens of a bear market. We are on our way towards incremental accumulation through the trend changing parabola I have shown.
We will bounce around the top EMAS for a bit around 5200-5400 and then we will we come back down to 4600 to retest before the markets and algos determine confirmation that the trend has changed bullish. As of current the market is over-exuberant, with 70% thinking we will reach new highs without falling below 4900. The NVT and RSI are also very high. Seems like the perfect storm for a retracement in my opinion. Even the EMAs want to come down to 4600-4800
We will bounce around the top EMAS for a bit around 5200-5400 and then we will we come back down to 4600 to retest before the markets and algos determine confirmation that the trend has changed bullish. As of current the market is over-exuberant, with 70% thinking we will reach new highs without falling below 4900. The NVT and RSI are also very high. Seems like the perfect storm for a retracement in my opinion. Even the EMAs want to come down to 4600-4800
Comment:
On our way through the UTAD phase. Courtesy of an overhyped golden cross. Alot of front runners this time means alot of people lookin to sell their bags at next resistance. Which has both a longterm (red) and midterm (yellow) resistance area. Meaning it is well tested.. and will be well rejected