befunkt

BTCUSD 4h Wyckoff

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I was going to do an analysis on the 1D chart to follow up the last post re: 1W chart.
However, whatever I saw before that made me want to analyze the 1D, I no longer see. Lost it to oblivion.

BUT.. the 4h is proving plenty interesting imo.

The triangles outline what might be Wyckoff's "Reaccumuluation with Rise" pattern, however this whole snapshot of BTC seems to be crudely manipulated.

I really only come to one conclusion:
The big hands are, in fact, offloading their shares to the retail world, while using this quasi-Wyckoff pattern to make everyone think that we are headed for a new all-time high.

The RSI divergence is pretty unmistakeable.
Also, between the 3rd and 4th triangle, we see some bullish solvency issues, where some of the big hands appear to be selling.
(Also also, the 3rd and 4th triangles are very triple-top distribution looking)

Ciao!
- B


*Disclaimer: Don't listen to me. I'm probably wrong. Unless I'm not, in which case, feel free to retroactively take my advice.

Comments

Great commentary. I agree. Never like to go on feelings with trading, however I *feel* like this whole run-up is being propped up on stilts that have termites chewing on them.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter