BTCUSDT Analysis_IS THE BITCOIN ETF EXCITEMENT OVER?
Hello traders!
As of the October 31 analysis, Bitcoin is still in the distribution zone and is in phase B of the distribution phase according to Wyckoff. The event that the FED kept interest rates unchanged did not create any significant boost but created an important price action for Bitcoin during this period. Excitement over Bitcoin ETF news is over. “Buy rumors, sell news” has happened.
Let's come to some technical analysis comments according to Wyckoff on the BTCUSDT pair on November 2:
Timeframe H1 (BTCUSDT pair chart on Binance):
Figure 1: Bitcoin price has moved into phase C of the distribution phase (source: Tradingview)
Events that took place during the distribution phase:
- As analyzed on October 31, the price has gone through the events in phase A and is in phase B of the distribution period.
- The creation of UTAD (Upthrust after distribution) marked the official formation of phase C. This event was caused by the big guys wanting to check if the demand was still large. And the truth is that all the demand was absorbed, the price shot up to touch 36,000 and then quickly returned to the trading range confirmed for this event.
- The possible upcoming scenario is to wait for the price to form LPSY (Last point of supply) events. There the supply zone is weak: prices increase weakly with low volume. LPSY positions are suitable for opening additional short positions.
- If the price breaks below the lower boundary of the trading range, the final SOW event will occur.
Safe trading!
@DVD
As of the October 31 analysis, Bitcoin is still in the distribution zone and is in phase B of the distribution phase according to Wyckoff. The event that the FED kept interest rates unchanged did not create any significant boost but created an important price action for Bitcoin during this period. Excitement over Bitcoin ETF news is over. “Buy rumors, sell news” has happened.
Let's come to some technical analysis comments according to Wyckoff on the BTCUSDT pair on November 2:
Timeframe H1 (BTCUSDT pair chart on Binance):
Figure 1: Bitcoin price has moved into phase C of the distribution phase (source: Tradingview)
Events that took place during the distribution phase:
- As analyzed on October 31, the price has gone through the events in phase A and is in phase B of the distribution period.
- The creation of UTAD (Upthrust after distribution) marked the official formation of phase C. This event was caused by the big guys wanting to check if the demand was still large. And the truth is that all the demand was absorbed, the price shot up to touch 36,000 and then quickly returned to the trading range confirmed for this event.
- The possible upcoming scenario is to wait for the price to form LPSY (Last point of supply) events. There the supply zone is weak: prices increase weakly with low volume. LPSY positions are suitable for opening additional short positions.
- If the price breaks below the lower boundary of the trading range, the final SOW event will occur.
Safe trading!
@DVD
