Hi all,
Now that the distribution play has revealed itself, i'm looking for the mark down and completion of distribution following a reversal to the upside.
We had a similar but different distribution play last year early September and the pull back ended at Fib 0.5. If this profit taking and bonus collection of money managers repeat itself, we can expect a similar behaviour. A pull back of ~20%
That said, as much as i want to buy Bitcoin at 49k, the reversal of fib 0.5 is at 54.300 adjacent to previous markup range POC at 54.829. But the liquidation requires taking this level down and some more. At this point the previous top of last distribution perfectly matches a retest of this level at 52.666
This should happen within few days so a new accumulation range will be created which will magically complete by November 26th - The Black Friday.
This analog is from the previous disttribution and see how accumulation matches Black Friday. Amazing!
Let's see how it plays out!
Trade safe and use a stop loss!
Now that the distribution play has revealed itself, i'm looking for the mark down and completion of distribution following a reversal to the upside.
We had a similar but different distribution play last year early September and the pull back ended at Fib 0.5. If this profit taking and bonus collection of money managers repeat itself, we can expect a similar behaviour. A pull back of ~20%
That said, as much as i want to buy Bitcoin at 49k, the reversal of fib 0.5 is at 54.300 adjacent to previous markup range POC at 54.829. But the liquidation requires taking this level down and some more. At this point the previous top of last distribution perfectly matches a retest of this level at 52.666
This should happen within few days so a new accumulation range will be created which will magically complete by November 26th - The Black Friday.
This analog is from the previous disttribution and see how accumulation matches Black Friday. Amazing!
Let's see how it plays out!
Trade safe and use a stop loss!
