TECHNICAL ANALYSIS VIEW OF BITCOIN 6/11: WAITING FOR THE FALL!
Hello traders!
In the past 2 weeks, Bitcoin price tried to test the 36000 price range and accumulated in the 33000 to 36000 range until now. Last weekend we also witnessed the action of whales transferring a large amount of Bitcoin to the exchange, which signals that there will be large price fluctuations in the coming weeks, most likely a profit-taking action by traders. big. Next week we also look forward to the speech of Fed Chairman Powell and other members. Most likely, combining the above two events, Bitcoin price will adjust sharply to have notable price actions before entering the last month of the year.
Let's come to some technical analysis comments according to Wyckoff on the BTCUSDT pair on November 6:
Timeframe H1 (BTCUSDT pair chart on Binance):
Figure 1: Now is the time to wait for Bitcoin's collapse (source: Tradingview)
Events that took place during the distribution phase:
- Price has completed forming phases A, B, C and is in phase D of the distribution phase according to the Wyckoff model.
- In phase D, the price retested the upper edge of the trading range with 2 LPSY events. Prices increased but volume decreased, demonstrating the weakness of demand. Now, as long as the big guys or the bears are determined to step down, the price will drop sharply.
- Possible plan: continue to sell more immediately after the price tests the upper boundary of the trading range or create new LPSYs. Wait for the price to break the lower boundary of the trading range to create the final SOW in phase D, then you can completely close out the position and pull the stop loss of the remaining positions to the entry point, while preserving the positions. Just continue to wait for the following declines to take more profits.
Safe trading!
@dvd
In the past 2 weeks, Bitcoin price tried to test the 36000 price range and accumulated in the 33000 to 36000 range until now. Last weekend we also witnessed the action of whales transferring a large amount of Bitcoin to the exchange, which signals that there will be large price fluctuations in the coming weeks, most likely a profit-taking action by traders. big. Next week we also look forward to the speech of Fed Chairman Powell and other members. Most likely, combining the above two events, Bitcoin price will adjust sharply to have notable price actions before entering the last month of the year.
Let's come to some technical analysis comments according to Wyckoff on the BTCUSDT pair on November 6:
Timeframe H1 (BTCUSDT pair chart on Binance):
Figure 1: Now is the time to wait for Bitcoin's collapse (source: Tradingview)
Events that took place during the distribution phase:
- Price has completed forming phases A, B, C and is in phase D of the distribution phase according to the Wyckoff model.
- In phase D, the price retested the upper edge of the trading range with 2 LPSY events. Prices increased but volume decreased, demonstrating the weakness of demand. Now, as long as the big guys or the bears are determined to step down, the price will drop sharply.
- Possible plan: continue to sell more immediately after the price tests the upper boundary of the trading range or create new LPSYs. Wait for the price to break the lower boundary of the trading range to create the final SOW in phase D, then you can completely close out the position and pull the stop loss of the remaining positions to the entry point, while preserving the positions. Just continue to wait for the following declines to take more profits.
Safe trading!
@dvd
