Bitcoin appears to be in Phase D within the Distribution phase.
Quote from Wyckoff Analytics dot com
Phase D: Phase D arrives after the tests in Phase C show us the last gasps of demand. During Phase D, price travels to or through TR support. The evidence that supply is clearly dominant increases either with a clear break of support or with a decline below the midpoint of the TR after a UT or UTAD. There are often multiple weak rallies within Phase D; these LPSYs represent excellent opportunities to initiate or add to profitable short positions. Anyone still in a long position during Phase D is asking for trouble.
Requote: " The evidence that supply is clearly dominant increases either with a clear break of support
or with a decline below the midpoint of the TR after a UT or UTAD"....
Confirmed! In my humble opinion....................
Quote from Wyckoff Analytics dot com
Phase D: Phase D arrives after the tests in Phase C show us the last gasps of demand. During Phase D, price travels to or through TR support. The evidence that supply is clearly dominant increases either with a clear break of support or with a decline below the midpoint of the TR after a UT or UTAD. There are often multiple weak rallies within Phase D; these LPSYs represent excellent opportunities to initiate or add to profitable short positions. Anyone still in a long position during Phase D is asking for trouble.
Requote: " The evidence that supply is clearly dominant increases either with a clear break of support
or with a decline below the midpoint of the TR after a UT or UTAD"....
Confirmed! In my humble opinion....................