Bitcoin still looks bearish. - I hope this gets out quick enough
Bitcoin looks quite bearish, just purely from a Wyckoff standpoint (still learning, just posting my ideas so I can track my progress with this new strategy)
Does look a bit like redistribution to me, suggesting we have more downside.
People can zoom out and see that we are forming a pennant, I agree with that as well, but just by saying it is a pennant doesn't confirm it's move to the downside.
I'll be watching on the sidelines, without an open position, just waiting to see if this is redistribution or accumulation.
Sooner or later something will happen.
My redistribution reasoning is spelled out on the page.
Let's see how this goes
Does look a bit like redistribution to me, suggesting we have more downside.
People can zoom out and see that we are forming a pennant, I agree with that as well, but just by saying it is a pennant doesn't confirm it's move to the downside.
I'll be watching on the sidelines, without an open position, just waiting to see if this is redistribution or accumulation.
Sooner or later something will happen.
My redistribution reasoning is spelled out on the page.
Let's see how this goes
Order cancelled:
We just had a JAC - jump across the creek.
1st minor creek was broken through with volume support.
This was the other scenario that I was playing with, accumulation once, timeframe is on the hourly, which is too short for me, I don't like accumulations on smaller timeframes, the cause is not very powerful and as such an effect (the markup) would be smaller if accumulation was shorter.
We just had a JAC - jump across the creek.
1st minor creek was broken through with volume support.
This was the other scenario that I was playing with, accumulation once, timeframe is on the hourly, which is too short for me, I don't like accumulations on smaller timeframes, the cause is not very powerful and as such an effect (the markup) would be smaller if accumulation was shorter.