Volume doesn't seem to support this Wyckoff Distribution idea. Really need bigger sell volume. So, this may just be a short term pullback.
Trade closed: stop reached
🚨Wyckoff Distribution looks invalidated, no follow-through with bear volume, and Bitcoin is back above $23,000! This was the end of the short-term pullback.Note
Shout out to noble1ones for the clarification on LPSY that happened today.Here's a more detailed look at the Wyckoff Distribution + Volume.
🔴 If Bitcoin is going to pullback, I'm looking at it to do this in the next 12 hours.
🔴 In the meantime, usually the altcoins to one last face ripping move up to trap bulls.
🟡 A move above $23,500 will invalidate this idea!
Note
🚨 I wouldn't dare short right here!An alternative scenario is that in the next 24 hours Bitcoin does an Upthrust above $24,000 to take out any short positions before supply finally dominates.
Note
If this penultimate phase of the Wyckoff Distribution is going to happen after this Upthrust to $24,000, we'll need to pay close attention to INCREASING bear volume to confirm this idea!Note
Wyckoff Distribution failed. Bullish volume created a change in character. High probability Bitcoin moves higher in the weeks ahead!
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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.