I was wrong in my previous analysis. I did not see the CME gap that we are (probably) aiming for at 11800. I also believe 4300-4800 is too low and it will not happen anymore unless the dow crashes to 14400 and lower.
What is clear, is that someone is selling at these levels, the near-perfect wyckoff distribution proves this. However, what most are not expecting is that we still have to enter the upthrust after distribution (utad) which would take us to the CME gap.
It is entirely possible we hit 9268 before going to 11800. I have longs at 9268 and will then short 11800 to 7750. Most expect us to go back down to 3800, including myself up to a while ago. However, I think we will see an accumulation again at the 7k region.
Why do I change my more bearish view to a conservative bearish view? I have seen strength in bitcoin at levels I did not expect, and if I zoom out to the weekly chart I wholeheartedly believe that we are bottoming out. To bottom out we'd have to set a higher low to create our rounded bottom. On the fundamental level, I remain bearish as Bitcoin has no value other than speculation... but with the dollar losing value rapidly I prefer to have a hedge in case proverbial fecies hit the airconditioner.
What is clear, is that someone is selling at these levels, the near-perfect wyckoff distribution proves this. However, what most are not expecting is that we still have to enter the upthrust after distribution (utad) which would take us to the CME gap.
It is entirely possible we hit 9268 before going to 11800. I have longs at 9268 and will then short 11800 to 7750. Most expect us to go back down to 3800, including myself up to a while ago. However, I think we will see an accumulation again at the 7k region.
Why do I change my more bearish view to a conservative bearish view? I have seen strength in bitcoin at levels I did not expect, and if I zoom out to the weekly chart I wholeheartedly believe that we are bottoming out. To bottom out we'd have to set a higher low to create our rounded bottom. On the fundamental level, I remain bearish as Bitcoin has no value other than speculation... but with the dollar losing value rapidly I prefer to have a hedge in case proverbial fecies hit the airconditioner.