Latest price action showed wyckoff is not a pattern but a scheme. Lot's of non-text-book, incomplete distributions and accumulations and their twisting combinations occured, so i digged in to the idea of a bigger underlying structure of accumulation, right under the yearly resistance at 58k looked very much possible to me especially after many bullish w shaped bounces i mentioned in my previous post.
It's not text book, but the volume reveals the climactic action on PS and close to SC.
If Bitcoin was to dip below 50k, it would do it without warning! This is pretty much sideways trading range, a good sign of accumulation, yet to be confirmed by a spring, breakout and a strong rally.
Be prepared.
As always trade safe and use a stop loss & stop buy!
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Bitcoin broke the down trend and triggered my stop buy without the spring which is not a required event. Rejection from 58k tells us, spring can still happen, so 54.900 is where i'll buy the dip.
Very nice But I think I will broken downward trend line from hear . USDT.D is about to dump .
maroff
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@SHAlavi, you mean the stablecoin FUD, then I agree. It is very clear, that gov doesnt like the stablecoins. if they got banned, crypto will get rekkd
alexferdean
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Can you update this post? Do you still think it will spring up? It seems that every attempt to go up is met by a big selling pressure. Also what do you think we will see first 85k or 22k?
BitcoinMillio18
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@alexferdean, neither. I think the selling will continue and will find it's bottom in north of 40's.
alexferdean
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@BitcoinMillio18, that makes. Also when I say 22k and 85k i don't mean right now. What's next for you?
maroff
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wow, we now had the third spring, lol
ir_wex
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@maroff, nope man he was among the few who said we have a down when price was 67 and it did happen and also he said that 60k was a sell not a buy and yet it dropped more and now he says buy because 53k is really strong support and also pool of liquidity got hit and we are ready for a bounce back up to test 61 again and if we break we will have a new ATH i just found this guy i think he always gives good TA
maroff
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dont trust this guy here; he is telling you to buy within bearish market structures. At some point, it seems he is on a quest to distribute his coins to weak hands and telling people the other way round
But I think I will broken downward trend line from hear .
USDT.D is about to dump .