- PSY – Firstly, we find the BTC Preliminary Supply. This is where the expands after some larger market players begin to unload their BTC . However, this BTC is snapped up quickly due to high market interest.
- BC - After the PSY, we saw a Buying Climax ( BC ). BCs often coincide with positive news or a positive event happening, which in this case was the BTC halving.
- AR - After the BC , an Automatic Reaction has occurred, seeing BTC lose value due extreme demand allowing BTC to breathe. At the time an AR appears to be a healthy minor retracement.
- UT - An Upwards Test has then happened shortly after the AR. This is an attempted breakout of the BC . However, due to the lack of buying power remaining and the decrease in BTC demand the UT fails to break above the resistance line set by the BC . This test then confirms the . In this instance, the BC was not reached to set a secondary resistance line.
- SOW - Sign Of Weakness. The SOW tested the set by the AR and PSY. This confirmed that BTC was struggling to push further, that was the end of the impulsive move up, showing that BTCs huge gains week after week were coming to an end. The SOW increased the validation of the support line set by the AR and PSY.
- UTAD - Upwards Thrust After Distribution (UTAD) was seen after the SOW. This move up was matched by a breakout of . However BTC could not consolidate and move up with these gains. Instead BTC saw a huge sell off the next day. From the UTAD it confirmed that BTC was stuck within a trading range.
- SOW (2) - We have recently seen another SOW after an extended period of clear BTC weakness. BTC attempted to test the support lines again with multiple wicks, coincided by a decreasing , showing a growing lack of interest in BTC .
- LPSY - Last Point of Supply (LPSY). This was a move by BTC after a break of the downwards . Likely the final push up to prevent the incoming downwards movement and allowing for larger players to exit if they wish to.
BTC is looking through the Wyckoff analysis and could make downwards moves within the coming days. BTC controls the cryptocurrency market currently with HUGE dominance over altcoins!
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What are your expectations on the price of BTC in the following week?