I'm currently studying wyckoff to broaden my horizon a bit when it comes to trend continuation, or reversal. The overall body of work Bitcoin has done in the past week looks like distribution to me. I can definitely see a short squeeze coming, but I can't help but see this small body of work on the 15 minute timeframe as redistribution. I'd rather not have my overall bias hinder this thought, but what gives it away to me is this creek. Rarely would I see a creek going north in trading range after a sell off that depict accumulation. There's no further moves made lower as of yet with any form of volume for these small moves up. I could see one more up thrust and then a sell off. Anyone possibly see accumulation here?
Comment:
figured out the wave count. We had two truncated 5th waves on that big move down. We are on a bigger wave 2. Wave 3 is going to break this neckline for a head and shoulder's reversal. I believe the stock market has topped as well. This is gonna get ugly.
Comment:
high should be reached by tonight