A flash flush last night taking most everything down a notch was marked by a loss of the 4 hour uptrend on BTC. I honestly am surprised the bulls held up so long after their failed bull break attempt. Now we are back to consolidation on the daily for most names, and bulls need to be cautious trying to buy dips. The reason being, we are just looking for weekly lower highs on most names. The bulls will need to regain the daily trend in their favor with higher lows and higher highs, in order to set a weekly higher low. Many traders expect to drop back to test the BTC bottom, and shorts will comfortably be waiting to enter at hourly or 4 hour EMA resistance looking for a lower high.
Thanks a ton for your work! I agree with a lot of your analysis.
I've built a Wyckoff Accumulation schematic for Bitcoin. This is based on the notion that 3.1k is a temporary bottom and we will only be doing spring tests to garner extra demand for a push up over the next few months in a larger accumulation range:
TradeIndicators
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Great TA! We got a short signal with our Martin Trend Trader and we're up 7.38% and it followed the break of the symmetrical triangle perfect! You have our "Like"
cdlicavoli
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Well crap! I was hoping for $5000 before going down to retest the $3200 double bottom. Not so sure that's going to happen now. Just no real buying pressure right now.
I've built a Wyckoff Accumulation schematic for Bitcoin. This is based on the notion that 3.1k is a temporary bottom and we will only be doing spring tests to garner extra demand for a push up over the next few months in a larger accumulation range: