A quick surface analysis of BTC on the daily reveals a common pattern we've been seeing in previous redistribution zones: multiple failures to rally coupled with low demand at upper micro resistance. This is a critical area where we would expect to see demand (buying power) flood in. Instead, we see supply volume systematically crashing the party. Not to mention the current PA is still exhibiting rising wedge-like features. All this can change, but for now, I can't help but be bearish. I'm still wagering the PA going back down for a retest at some point, hitting the 18-17K area, although the 1.618% Fibonacci retracement places a pullback in the 13K range. Let's keep an eye on it!
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**Not financial advice. Always DYOR and trade at your own risk.
*Be sure to subscribe for more accurate & easy-to-follow swing charts with win ratios averaging between 80-85% in smashing the profit zones. I've been swing trading crypto since 2017 and handpick all the runners myself after conducting a series of careful volume-to-spread reads and Wyckoff schematic comparisons. Check out my past charts and see the win rates for yourself, then follow me on TradingView and start scoring the Ws too!
**Not financial advice. Always DYOR and trade at your own risk.
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