BTC is currently converging many harmonic bear patterns, most exchanges forming nearly perfect bearish gartleys with this push to 9800. When considered alongside the Wyckoff Distribution at phase D this looks for a perfect short opportunity.
If we cross and hold above the descending green line trendline it would indicate the beginning of phase C in Wyckoff Distribution and a long above $10,000 to $11,000 could be considered re-shorting at $10800 or higher.
If we cross and hold above the descending green line trendline it would indicate the beginning of phase C in Wyckoff Distribution and a long above $10,000 to $11,000 could be considered re-shorting at $10800 or higher.
Comment:
The first LPSY was met and the predicted price drop has occurred, unsure if we will continue down to 9100 at this point as ~9300 is a strong support zone. Any short term bounce should be constrained so will not be closing the short entry I have, looking to add more on the next top.
Comment:
A break and close below the red trendline could suggest the next stop is 8800 if 9100 fails to bring in buyers.
We are entering the point of year however where at some point between the end of June and the end of August Bitcoin loses 30% of its value, its done this for the last 9 years so our target is 6k is still a long way off.
We are entering the point of year however where at some point between the end of June and the end of August Bitcoin loses 30% of its value, its done this for the last 9 years so our target is 6k is still a long way off.
Comment:
The upwards trendline has acted as a very nice marker as we crawled up to the downturn. targeting 8800 for next confirmation.