Bitcoin: Wyckoff Update (See description for Redistribution idea
Update on my last Wyckoff Post I have linked below, we are still floating above the Weekly Support (Green) area but underneath Tesla average buy price. Failure to stay above 35800 is a Sign of weakness for me in the short term. Also there's a clear Bear Flag structure there.
This is my rough plan for now I am hedge short but looking for another sound long term entry to ride the PRIMARY TREND which is bullish.
If the Wyckoff "SPRING" is failing or a deeper spring then the next logical area for me is $MSTR MicroStrategy's average buy in price of $26080 per coin as a potential support area.
Technically we could have a "Spring" type action even down at those areas and as long as we come back inside the trading range would be a valid Wyckoff Accumulation.
My Wyckoff Accumulation Idea is linked below.
Here is a potential Redistribution idea, note the clear formation of the Diagonal trading range. For the bulls to have a chance short term they need to reject this bear setup.. simple.
This is my rough plan for now I am hedge short but looking for another sound long term entry to ride the PRIMARY TREND which is bullish.
If the Wyckoff "SPRING" is failing or a deeper spring then the next logical area for me is $MSTR MicroStrategy's average buy in price of $26080 per coin as a potential support area.
Technically we could have a "Spring" type action even down at those areas and as long as we come back inside the trading range would be a valid Wyckoff Accumulation.
My Wyckoff Accumulation Idea is linked below.
Here is a potential Redistribution idea, note the clear formation of the Diagonal trading range. For the bulls to have a chance short term they need to reject this bear setup.. simple.
