With price slowly approaching the 200WMA and huge volume, one can't help but fit the Wyckoff narrative into this trading range. A Phase B secoondary test (ST) would be confirmed if price moves back up fast into the trading range after finding support in the 3000-3300 region. This may mean that this is a final chance to buy Bitcoin if a low point of supply follows after this Phase B secondary test or one of two final chances to buy if a spring follows.
Note that the volume profile has to fit this narrative with a lot of buying volume.
Note that the volume profile has to fit this narrative with a lot of buying volume.
Comment:
PA currently not looking bullish with inability of bulls to stay above 3433 and low relief buy volume. Looking for a sweep of recent lows at 3200 to the 3000USD level possibly.