Let me explain the title and the chart >
In the area surrounded by the boarders, we have a Wyckoff distribution model alignment so far.
In the broader surrounding we also have confluence with the Wckoff distribution model as well, so we have a Wyckoff in a Wykoff :)
Key points to take away:
> We lost the top support after some effort to hold it (that long red sloping line, from left to right). It will act like a strong resistance now.
> We did not have a decisive break on the upside above 10k
> We have 2 x 1 hr candles recently that made some significant dumps, which indicates to me, smart investors are exiting, I did. Why?
Loss of confidence and some short to medium time frames indicators showing signs.
> We lost some key levels.
> We have not obtained a higher high, potential change in trend supported by on the daily
> Daily div . playing out
> As per my macro chart, we broke the ascending triangles bottom support formation which most people are familiar with.
> has dropped off and signs of buyer exhaustion is in place - on the daily shows divergences playing out.
> The market is now indecisive and usually that means tone
> LONGS have dropped down significantly
> 10k was my initial target based on the inverted BARR strategy
I'll wait to see what happens from here and take small trades when they present themselves.
I think the wyckoff explanation is accurate here, aligned. Hence I think the price will return from where it started. 8400 range for now.
BTC dominance in the short term to go up (meaning price drop is likely)
I'm in the thoughts that now we lost the top support, and we are see momentum loss in the daily, 2D and 3D that we will likely to have more dip\s.
This current drop in the past 2 days, also has correlation with the SP500 .
Close up view
4 HRLY chart > indicator shows its reached its peak. Can it be sustained...probably not. Hence why I have a in this current range.
My Macro vision for the time being. I have 2 levels of interest. 8400 equates to the bottom of the channel so expect a bounce. Question is what type of div . will it have and drop to this point.
As stated, the longs have dropped of significantly so shorts will be increasing now. Risk managment.
BTC Longs dropped significantly
I'm still bullish on the MACRO level however we are discussing where is a likely good entry point. If it goes above 9500, then yes we are having a turn around, Then we can expect to have an ABCDE formation, so I do have my eyes on the other scenario, but I see it much unlikely. As stated, I will watch and not fomo in.
Now the bottom of the channel has to hold otherwise we will lose the lower high.