A look at the supply and demand shifts for BTC during the past 180 days. It looks like we are nearing the end of a full cycle, from accumulation to mark up and now entering the end of distribution. We begin phase D of distribution once/if price returns to the former trading range of $7600-$8400. I do believe that we are in a clear bull market, my expectation for the markdown (phase E) would be a bottom somewhere in between the .382 - .5 fib ($6100ish-$6700ish). This has confluence with a touch of the 50 day MA, a common retest during BTC bull markets.
Note
*.382 fib. typo aboveNote
i said re-distribution above and i meant to say *re-accumulation*. in the event we get back up above 8600
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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.