BTC has now reached the 2.618 extension of wave 1, and is showing bearish RSI divergence on the 4 hour. These two factors make Wyckoff distribution cycle which is currently setting up more probable.
If the lows of 5450 break, Bitcoin will likely continue downwards toward 5000, for a .384 retracement retrace of Wave iii. This is a swing trade, which is more or less set and forget. If entering in this range, AL should be set no lower than 5877. The safest bet would be shorting a break of 5450.
how yoi got this pattern it is not wyckoff? or you hav any link you can share?
Paltsmet
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@Cooldude.0090, while the .146 support was broken previously, it did not break the confluence area. The pattern isn't picture perfect, but it coincides with EW and divergence. take it for what you will, my friend :)