Just toying with ideas of what may be developing here so dont take the chart as what i think will happen perfectly as shown.
With the strength seen from BTC.D atm, it looks more and more likely it may go for the highs again and into the higher levels above 65%.
I still see this as a very large range from the february high and lows that got put in and the prior high was a deviation of the larger range resulting in the reaction we seen.
We could expect to see a further deviation of the range highs and this wouldn't be uncommon in the development of a wyckoff distribution range.
Im still looking for a HTF reversal bearish from these supply levels and my bias doesnt change right now as we continue to develop this range until proven otherwise.
That being said, we could see some further weakness in altcoins until this tops out and gives us the right confirmations of a trend shift bearish.
1D:
With the strength seen from BTC.D atm, it looks more and more likely it may go for the highs again and into the higher levels above 65%.
I still see this as a very large range from the february high and lows that got put in and the prior high was a deviation of the larger range resulting in the reaction we seen.
We could expect to see a further deviation of the range highs and this wouldn't be uncommon in the development of a wyckoff distribution range.
Im still looking for a HTF reversal bearish from these supply levels and my bias doesnt change right now as we continue to develop this range until proven otherwise.
That being said, we could see some further weakness in altcoins until this tops out and gives us the right confirmations of a trend shift bearish.
1D:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.