BTC daily swing play: 11320 long entry to 11550 TP
Hey traders, looking for a daily swing play based on probable Wyckoff distribution pattern.
We should be swinging down into a sign of weakness in the ascending channel, followed by a strong upthrust, a retest of the channel and another fake breakout of the ascending channel before the retracement.
Called for a long play yesterday as we had broken out from the descending channel in accumulation. I am changing the TP from that idea to 11550 which is the 1.272 fib projection of the established range.
We should be swinging down into a sign of weakness in the ascending channel, followed by a strong upthrust, a retest of the channel and another fake breakout of the ascending channel before the retracement.
Called for a long play yesterday as we had broken out from the descending channel in accumulation. I am changing the TP from that idea to 11550 which is the 1.272 fib projection of the established range.
Comment:
right on the money folks:
Comment:
While we dropped a little bit further than I thought we would, we have not completed an accumulation pattern here at the bottom and are on our way up. It's not too late to get into this long.
Comment:
Also may want to get into this position a bit earlier, 11335-11340, although the SOW could go down and check the next bottom fib near 11300. The safe play would be to get in earlier.