Updated
BTC Distribution
It's tough to say this is the case however I'm starting to make an argument for this picture. We are seeing a notable decrease in volume at the highs. We had violation of structure that formed this leg up which into itself isn't conformation that we are seeing a possible distribution structure just yet. I need to see one more break of structure in these highs to really confirm that this is the case.
The large red candles near the top of the structure are what have me now focusing on looking for additional signs of weakness within this range. We also see a lot of longs that have been open during this whole range since the initial drop to 30k have begun closing. This is making it seem fairly suspicious that the intention here is to off load positions at these prices to retail hands, then continuation to the downside.
Patience is still required, we need to see some more price data to really confirm if this is a bulltrap.
The large red candles near the top of the structure are what have me now focusing on looking for additional signs of weakness within this range. We also see a lot of longs that have been open during this whole range since the initial drop to 30k have begun closing. This is making it seem fairly suspicious that the intention here is to off load positions at these prices to retail hands, then continuation to the downside.
Patience is still required, we need to see some more price data to really confirm if this is a bulltrap.
Note
Final comment would be we can see how the momentum of this has really started to round off. At minimum I'd be looking to establish some HLs on a higher timeframe after some LTF structure is broken.
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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.