BTC made friends with 3D 200MA
Updated
This BTC chart includes a distribution schematic for Wyckoff events and phases…
🔮 Expecting 1/2 scenarios to play out.
Scenario 1
200MA holds and we a see a strong move upwards to confirm continuation.
Scenario 2
200MA fails as support and we test liquidity below. This can be quick or sustained throughout 2022. Price action around
25K range will be interesting.
- Price failed to breakdown support in Phase D then began to develop additional support at the 200MA. Nice.
- The schematic may not be 100% accurate when it comes to placement levels and timing of phases but this correlation is interesting and worth watching.
🔮 Expecting 1/2 scenarios to play out.
Scenario 1
200MA holds and we a see a strong move upwards to confirm continuation.
Scenario 2
200MA fails as support and we test liquidity below. This can be quick or sustained throughout 2022. Price action around
25K range will be interesting.Note
Zoomed out version includes phasesNote
🧠 Scenario 2 seems practical. "Reclaiming" as opposed to "found support at" the 200MA makes a better story for bullish continuation.Also, institutions may feel more confident to invest during the familiar "smart money' phase if Scenario 2 plays out.
Note
This played out well
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