Continuation Wyckoff Distribution on Bitcoin 1H
Updated
As showed in the post of yesterday, Bitcoin created the beginning of a Wyckoff distribution. Bitcoin dipped a little below the second wave target, however, finding support on the 21MA of the 3h chart.
Overnight it followed up on the 3rd wave of elliot with a 4hour consolidation around the .618 fibonacci retracement. Waiting for the small pullback to confirm the support on the .618 and then continuing to the top resistance at 42,300.
Overnight it followed up on the 3rd wave of elliot with a 4hour consolidation around the .618 fibonacci retracement. Waiting for the small pullback to confirm the support on the .618 and then continuing to the top resistance at 42,300.
Note
The first resistance line of the Wyckoff model (~40,500) is supported by the 200 Daily Moving Average in combination with the 2.272 fibonacci extension from the high of dec 2017 to the low of dec 2018. A break of both these levels would likely result into a rapid increase and a test of the second resistance level of Wyckoff at ~42,300.
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