walkerjitzu

Wyckoff analysis of distribution

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
From this analysis, it seems that we are in Phase C, testing the remaining supply at these very high levels and in these uncertain macro-economical conditions. It could be that we are at the last point of supply but more likely that a bull trap is just setting up, targeting 10,500, lurking the public in to buy after the breakout of some major resistance lines, so to allow the "smart money" to sell at higher prices and to leverage more selling pressure by stop hunting the trapped bulls.

What do you think?

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