Bitcoin Following Textbook Wyckoff Logic?
Bitcoin appears to be following textook Wyckoff logic.
If price continues to move as expected we should see a drop to the golden ratio ~ $9939 within the next 24-48 hours.
I would have liked to seen price come up to test the resistance from the underside but price/volume is struggling to get there.
As it stands I was already short but I may miss adding to my position if price does not test 10649.
If we suddenly break past 10.9k this entire idea is invalid.
If price continues to move as expected we should see a drop to the golden ratio ~ $9939 within the next 24-48 hours.
I would have liked to seen price come up to test the resistance from the underside but price/volume is struggling to get there.
As it stands I was already short but I may miss adding to my position if price does not test 10649.
If we suddenly break past 10.9k this entire idea is invalid.
Note
Added to my short at $10,571. We appear to now be in a wyckoff event on the 5 minute chart while in the LPSY phase of the larger Wyckoff event.Note
Took profits on a portion of my trade at $10,343.Note
Took profits on another portion of my trade at $10124.Still holding 60% of the position.
Note
Closed trade at $9,940.Trade closed: target reached
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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.