I'm considering a new scenario following the breakdown of price below supportive structure. It's a scenario pattern that's undoubtedly familiar - everyone's favorite, the Wyckoff distribution trend.
Several elements support this structure are worth noting:
- The distribution phase is occurring just above the previous all-time high (ATH). - This potential top is showing a monthly bearish divergence vs 2021 ATH.
While the structure of these patterns never perfectly aligns with Wyckoff's illustrations, they often follow key stages marked by significant swings in price. This scenario presents swings of around 25%
The scenario assumes that we've entered Phase B, moving towards the Sign of Weakness (SOW) below initial support (target price would be GETTEX:59K range mid-April) before a move to the Upthrust (UT).
Best, Hard Forky
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Monthly - just a point of interest
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bearflag forming
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re-entry into the flag channel
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expecting move down
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the channel held, likely pivot from distribution structure