Second Wyckoff Method this one means we had already the top. If you look what's going on into the world, a lot is depending of the house and stock market. Meaning about the FED (printer is doing BRRR). They have to do something about it because the inflation is already to high, the bubble is getting bigger. And the bigger it becomes the bigger the crash will...
Is it? Looks a lot like we're in phase B. First the BC (buying climax) and after the ST (secondary test). Later we got the 12345 EW and touched the SOW (sign of weakness), then we got again a 12345 EW but up this time going to the UT (Upthrust), later we get a ABC correction. After that we will go slowly go to the LPSY (Last point of supply) (Phase C) and later...
we got a exaggerated divergence ( bearish ).meaning straight horizontal resistance line on the chart and on the RSI: HH -> LH. Also crossed the support line on the RSI and retested it as a resistance. it's a bended top -> so it's loosing the strenght. The question is IF it will drop, the support line will hold? if not hmmm probably we will have a good big crash a...
AFTER it's always easy to speak. damn obvious now. maybe going down to fib 61.8° (also support line).The bounce on 50 MA was too weak. The dot support line became a resistance, now it's just amazing to see. After we go back in the triangle and maybe repeat like the other ones (we know that story right?)
The bullish case, retrace till 61,8° after back up till almost 100000. the dot line will become a support again. First making a correction ABC, after 12345 EW. BUT keeping in mind the stock market is a big bubble and the dollar is extreem bullish. stock market down meaning btc also down