Pretty self-explanatory. The neckline seems to be angled instead of flat. Extending the trend to the right shoulder, and seeing that there is high liquidity @ 8600, a correction to the neckline would not surprise me. From then on the next notable resistance (and liquidity) is ~12500.
I have seen arguments for that ranging just under 10500 as either re-accumulation or distribution.
As @CredibleCrypto pointed out on Twitter, we have tapped this resistance 3 times in that last year. Now instead of immediately dumping, we have consolidated just under the 10500 resistance, which hints at weakening selling pressure.
On the other hand, the range we have been in since mid April of 8000 to 10500 appears to resemble Phase A & B of Wycoff Distribution.
Hard to tell, but the possibility of Wycoff Distribution could just be Confirmation Bias.
The fact that we have tapped 10500 3 times in the past year is solid evidence for re-accumulation. This combined with an Inverted H&S pattern are both bullish, so my bias is bullish.
NOTE: I have linked my post of a possible Wycoff Distribution below. Compare that bearish outlook to this bullish outlook and decide for yourselves...
I have seen arguments for that ranging just under 10500 as either re-accumulation or distribution.
As @CredibleCrypto pointed out on Twitter, we have tapped this resistance 3 times in that last year. Now instead of immediately dumping, we have consolidated just under the 10500 resistance, which hints at weakening selling pressure.
On the other hand, the range we have been in since mid April of 8000 to 10500 appears to resemble Phase A & B of Wycoff Distribution.
Hard to tell, but the possibility of Wycoff Distribution could just be Confirmation Bias.
The fact that we have tapped 10500 3 times in the past year is solid evidence for re-accumulation. This combined with an Inverted H&S pattern are both bullish, so my bias is bullish.
NOTE: I have linked my post of a possible Wycoff Distribution below. Compare that bearish outlook to this bullish outlook and decide for yourselves...
