BTC Distribution Scenario
Updated
I'm considering a new scenario following the breakdown of price below supportive structure. It's a scenario pattern that's undoubtedly familiar - everyone's favorite, the Wyckoff distribution trend.
Several elements support this structure are worth noting:
- The distribution phase is occurring just above the previous all-time high (ATH).
- This potential top is showing a monthly bearish divergence vs 2021 ATH.
While the structure of these patterns never perfectly aligns with Wyckoff's illustrations, they often follow key stages marked by significant swings in price. This scenario presents swings of around 25%
The scenario assumes that we've entered Phase B, moving towards the Sign of Weakness (SOW) below initial support (target price would be
59K range mid-April) before a move to the Upthrust (UT).
Best, Hard Forky
Several elements support this structure are worth noting:
- The distribution phase is occurring just above the previous all-time high (ATH).
- This potential top is showing a monthly bearish divergence vs 2021 ATH.
While the structure of these patterns never perfectly aligns with Wyckoff's illustrations, they often follow key stages marked by significant swings in price. This scenario presents swings of around 25%
The scenario assumes that we've entered Phase B, moving towards the Sign of Weakness (SOW) below initial support (target price would be
59K range mid-April) before a move to the Upthrust (UT).Best, Hard Forky
Comment
Monthly - just a point of interest Comment
bearflag forming Comment
Comment
re-entry into the flag channel Comment
expecting move down Comment
the channel held, likely pivot from distribution structure Comment
support touch Comment
SOW hit Comment
Comment
pullback Comment
stage target hit Comment
1st target SWB:69K Comment
Updated Timelines : Comment
Comment
Final leg up in Phase B - Comment
Upward Thrust - 
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