Updated Bitcoin scenario - mapped with new, extended timeframe.
It's a scenario pattern that's undoubtedly familiar - everyone's favorite, the Wyckoff distribution trend.
Several elements support this structure are worth noting:
- The distribution phase is occurring just above the previous all-time high (ATH).
- This potential top is showing a monthly bearish divergence vs 2021 ATH.
While the structure of these patterns never perfectly aligns with Wyckoff's illustrations, they often follow key stages marked by significant swings in price. This scenario presents swings of around 25%
The scenario assumes that we are now well within Phase B, past the Sign of Weakness (SOW) below initial support (target price was 59K but final SOW was closer to $56k) and we now move into the Upthrust (UT), target is $75k BTCUSD.
If this scenario holds true, the potential new Bitcoin ATH comes early August at around $80k.
Best, Hard Forky
Initial Scenario Mapping:
It's a scenario pattern that's undoubtedly familiar - everyone's favorite, the Wyckoff distribution trend.
Several elements support this structure are worth noting:
- The distribution phase is occurring just above the previous all-time high (ATH).
- This potential top is showing a monthly bearish divergence vs 2021 ATH.
While the structure of these patterns never perfectly aligns with Wyckoff's illustrations, they often follow key stages marked by significant swings in price. This scenario presents swings of around 25%
The scenario assumes that we are now well within Phase B, past the Sign of Weakness (SOW) below initial support (target price was 59K but final SOW was closer to $56k) and we now move into the Upthrust (UT), target is $75k BTCUSD.
If this scenario holds true, the potential new Bitcoin ATH comes early August at around $80k.
Best, Hard Forky
Initial Scenario Mapping:
Comment:
Comment:
HL, move up now in progress.
Comment:
