Wyckoff Distribution in Full Effect in BTC
First chart release.
Annotations on the chart that provide some of my later thinking.
This is a distribution pattern I've been trading for the past two weeks very successfully. We're now in a supply channel which I'll be keeping an eye closely on for a breakdown. I would expect to see an increase in volatility and a reclaiming of the top channel line when this is ready to move out. Current price action isn't moving back to the O/S channel and this is something I'm keeping my eye on.
Looking for a target of 6.8 before a break of the channel and a move to accumulation/re-distribution.
Annotations on the chart that provide some of my later thinking.
This is a distribution pattern I've been trading for the past two weeks very successfully. We're now in a supply channel which I'll be keeping an eye closely on for a breakdown. I would expect to see an increase in volatility and a reclaiming of the top channel line when this is ready to move out. Current price action isn't moving back to the O/S channel and this is something I'm keeping my eye on.
Looking for a target of 6.8 before a break of the channel and a move to accumulation/re-distribution.
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.