Bitcoin: Potential Wyckoff Distribution completed
Although still continuing with an uptrend on the 4h chart, we now can see a clear Wyckoff Distrbution being completed for bitcoin which can be a signal for a significant upcoming drop.
If this Wyckoff Distribution is confirmed with a drop within the next 24 hours, we can expect bitcoin price to go down and test support at ~39,000 mark.
However, at this moment we are in no mans land for various reasons but specially because:
1. Wyckoff Distribution forming or complete, waiting for reaction
2. Potential golden cross between the 20 and 50 EMA forming in the upcoming hours.
3. Superbowl event is expected to have an effect as crypto commercials will take place which is a historical moment
4. Russia vs Ukraine geopolitical situation is one of the major factors to watch as any news regarding this can cancel all other signals.
It is recommended for traders to refrain from any trades and observe a market trend shift.
If this Wyckoff Distribution is confirmed with a drop within the next 24 hours, we can expect bitcoin price to go down and test support at ~39,000 mark.
However, at this moment we are in no mans land for various reasons but specially because:
1. Wyckoff Distribution forming or complete, waiting for reaction
2. Potential golden cross between the 20 and 50 EMA forming in the upcoming hours.
3. Superbowl event is expected to have an effect as crypto commercials will take place which is a historical moment
4. Russia vs Ukraine geopolitical situation is one of the major factors to watch as any news regarding this can cancel all other signals.
It is recommended for traders to refrain from any trades and observe a market trend shift.