Be careful here, BTC trading within UT of a UTAD in Wyckoff...
Guys, I'll make this short and sweet and to the point.
While my thought is that, yes, we are parabolic... We can for sure go into another UTAD phase of the UTAD trading range we are in... But that is NOT a guarantee.
There are two different Wyckoff distribution schematics. One that has a UTAD, and the other that only has a UT. In our current trading range, we are already in a UT.
Bullish pros:
-We are parabolic, nearing a cross over of ATH.
-UTAD is not out of the question at all in our current distribution trading range.
-We have been EXTREMELY bullish.
Bullish cons:
-Nearing ATH.
-Already trading within the UTAD of the previous trading range.
-Indicators are all diverging currently with price (price making higher highs, volume delta and RSI making lower lows)
-Long positions are STUPID high right now. I mean STUPID high!
-Price in our trading range is making a broadening wedge, which is a technical reversal event... They DONT always play out though, especially when we are parabolic.
I am fervently cautioning long positions right here, even though I cannot rule them out fully... This is not a real great place to be in a position. I would WAIT for either ATH to be broken, OR wait for a possible SOW and below the bottom trading range to happen... Because it could. From there, we could go into a re-accumulation phase and then go on to break above ATH. But either way, a position here is too risky for a long, and too risky for a short.
While my thought is that, yes, we are parabolic... We can for sure go into another UTAD phase of the UTAD trading range we are in... But that is NOT a guarantee.
There are two different Wyckoff distribution schematics. One that has a UTAD, and the other that only has a UT. In our current trading range, we are already in a UT.
Bullish pros:
-We are parabolic, nearing a cross over of ATH.
-UTAD is not out of the question at all in our current distribution trading range.
-We have been EXTREMELY bullish.
Bullish cons:
-Nearing ATH.
-Already trading within the UTAD of the previous trading range.
-Indicators are all diverging currently with price (price making higher highs, volume delta and RSI making lower lows)
-Long positions are STUPID high right now. I mean STUPID high!
-Price in our trading range is making a broadening wedge, which is a technical reversal event... They DONT always play out though, especially when we are parabolic.
I am fervently cautioning long positions right here, even though I cannot rule them out fully... This is not a real great place to be in a position. I would WAIT for either ATH to be broken, OR wait for a possible SOW and below the bottom trading range to happen... Because it could. From there, we could go into a re-accumulation phase and then go on to break above ATH. But either way, a position here is too risky for a long, and too risky for a short.
Comment:
IF my theory holds true here... and there is no UTAD coming from this higher trading range... We could in theory be flirting with 13k-12k prices before reaccumulation and the drive to new ATH...
Comment:
EXACTLY WHAT I WAS TALKING ABOUT!
