So BTC was just starting the subwave 3 of the B leg when some huge whale mysteriously market dumps down to 9500 on bitfinex.
It bounces and stabilises and everyone happily labels this subwave 1 of wave C completed, then subwave 3 starts and confirms by making a new low but suddenly reverses as huge buy pressure appears to form a wyckoff accumulation zone (the green box) and painting a pretty falling wedge pattern for the bulls to get behind.
Now it will pump back up in 5 subwaves so that people start calling breakout, now the whales form a wyckoff distribution zone in the red box or potentially slightly higher.
This will complete an ABC (3,3,5) formation for the B leg of this ABC correction (/potential 5 wave move lower)
When the buy pressure is absorbed they have filled some huge shorts and exhausted the buyers in the distribution zone the fakeout will be revealed as the price dumps back down.
This hypothesis is fully invalid with a break above 11800 and getting past the 61.8% fib as about 11k reduces it's probability dramatically.
I would also like to remind everyone of what happened last time before the dump from 17k to 9k where it faked out and rekt a ton of people
It bounces and stabilises and everyone happily labels this subwave 1 of wave C completed, then subwave 3 starts and confirms by making a new low but suddenly reverses as huge buy pressure appears to form a wyckoff accumulation zone (the green box) and painting a pretty falling wedge pattern for the bulls to get behind.
Now it will pump back up in 5 subwaves so that people start calling breakout, now the whales form a wyckoff distribution zone in the red box or potentially slightly higher.
This will complete an ABC (3,3,5) formation for the B leg of this ABC correction (/potential 5 wave move lower)
When the buy pressure is absorbed they have filled some huge shorts and exhausted the buyers in the distribution zone the fakeout will be revealed as the price dumps back down.
This hypothesis is fully invalid with a break above 11800 and getting past the 61.8% fib as about 11k reduces it's probability dramatically.
I would also like to remind everyone of what happened last time before the dump from 17k to 9k where it faked out and rekt a ton of people