Bitcoin - Reaccumulation or Distribution III
Macro Perspective: Bitcoin is still in a Wyckoff accumulation/distribution schematic.
Medium-Term Bias: The Sideways trend is expected to continue until Bitcoin either makes a Lower Low (LL) or breaks above 74K and flips it to support. This process is projected to unfold by October 24.
Because of Bitcoin’s lackluster PA and time factors, I am leaning towards distribution.
In the short term, there are two distinct scenarios that could potentially unfold, each with its own implications for Bitcoin's price action:
1. UTAD. Bitcoin is still holding the trendline and the 69K support. In that respect, it can still try for a UTAD. Following the UTAD, I expect a swift decline to the range low.
2. Should Bitcoin fail to hold the trendline, Bitcoin will find support between 67.8K, which is the range PoC, and 67.3K, which is the mid-range. Then, the trendline will flip to resistance and Bitcoin will drop to the range low. If this scenario materializes, look for bearish divergences as a confluence factor for a short trade.
Medium-Term Bias: The Sideways trend is expected to continue until Bitcoin either makes a Lower Low (LL) or breaks above 74K and flips it to support. This process is projected to unfold by October 24.
Because of Bitcoin’s lackluster PA and time factors, I am leaning towards distribution.
In the short term, there are two distinct scenarios that could potentially unfold, each with its own implications for Bitcoin's price action:
1. UTAD. Bitcoin is still holding the trendline and the 69K support. In that respect, it can still try for a UTAD. Following the UTAD, I expect a swift decline to the range low.
2. Should Bitcoin fail to hold the trendline, Bitcoin will find support between 67.8K, which is the range PoC, and 67.3K, which is the mid-range. Then, the trendline will flip to resistance and Bitcoin will drop to the range low. If this scenario materializes, look for bearish divergences as a confluence factor for a short trade.
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