BTC should expect a retrace to 12k-13k region before new ATH
As I had stated in my previous idea (RIGHT before the big drop as a matter of fact), that if you were long, there were a myriad of reasons to rethink being long. Although in this extremely bullish parabolic environment, I couldn't fully rule out a UTAD in our trading range.
I had noted that two different Wyckoff distribution models exist. One WITH a UTAD after UT, and one without a UTAD after UT that would force price to drop below the established trading range.
I had postulated that we may not have a UTAD in this trading range simply because this higher trading distribution trading range was actually already the UTAD in the previous trading range below us. It is obvious now, that we will get that drop as I feared we would.
My prognosis is a clear short here.
Yes, we will be seeing some retrace up, but you should be shorting the swing highs from now on until we get to that 13k-12k price region which will hopefully act as a reaccumulation zone that should push us above ATH towards the 25k price region.
All signs are pointing to weakness in trend here, but that does NOT make our long-term situation less bullish.
I believe now that ATH will in fact be broken.
I had noted that two different Wyckoff distribution models exist. One WITH a UTAD after UT, and one without a UTAD after UT that would force price to drop below the established trading range.
I had postulated that we may not have a UTAD in this trading range simply because this higher trading distribution trading range was actually already the UTAD in the previous trading range below us. It is obvious now, that we will get that drop as I feared we would.
My prognosis is a clear short here.
Yes, we will be seeing some retrace up, but you should be shorting the swing highs from now on until we get to that 13k-12k price region which will hopefully act as a reaccumulation zone that should push us above ATH towards the 25k price region.
All signs are pointing to weakness in trend here, but that does NOT make our long-term situation less bullish.
I believe now that ATH will in fact be broken.
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I'm more looking at the potential of something like this to happen...
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We should have our swing high coming in...
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