As a continuation of my last analysis, we are in the higher high zone of a wyckoff. The price is incredibly likely to fall back below 20k and most likely to the underlying trend.
If there is an initial bearish markdown, it will not be the end of the wyckoff, as there needs to be one last retracement, then it will drop by ALOT.
Funding is positive now and it has been sidemoving for a while now (in this case, this is just a higher high, not an actual uptrend)
This means btc will become bearish after this side action period is finished.
If there is any strength provided at the higher high level (not a downtrend/ lots of volume) this may be invalidated.
BTC may also make a move up to 21k and might make a higher wick, however if you were to enter a short now, that would be around a 4:1 risk if you enter at 20750, place sl above 21k and tp below 20k
This is all-time-high territory so there is a chance that there will be some differences in price reaction, so make sure to take that into account.
I wish you all well.
Don't forget to follow me :D
If there is an initial bearish markdown, it will not be the end of the wyckoff, as there needs to be one last retracement, then it will drop by ALOT.
Funding is positive now and it has been sidemoving for a while now (in this case, this is just a higher high, not an actual uptrend)
This means btc will become bearish after this side action period is finished.
If there is any strength provided at the higher high level (not a downtrend/ lots of volume) this may be invalidated.
BTC may also make a move up to 21k and might make a higher wick, however if you were to enter a short now, that would be around a 4:1 risk if you enter at 20750, place sl above 21k and tp below 20k
This is all-time-high territory so there is a chance that there will be some differences in price reaction, so make sure to take that into account.
I wish you all well.
Don't forget to follow me :D
Comment:
if it breaks 21k without wicking the trade is invalidated
Comment:
If it broke above, it would be uncharted territory 8-|
Comment:
Coming close- wait for price reaction at 21k before any actual entry
Trade closed manually:
Very bullish. Wyckoff destroyed.
BTC is looking to go higher.
To clarify, the obsessive buying and all time highs are making this happen.
:0
Good night
BTC is looking to go higher.
To clarify, the obsessive buying and all time highs are making this happen.
:0
Good night