Update: Secondary Test Is Now Happenning
Updated
Hi all,
In my previous analysis, secondary test occurred way above selling climax which was bugging me, now with the 15 months long term uptrend has broken and price is leaning towards 30k, i believe secondary test will actually happen now.
So i've moved the secondary test event by 5 days. Note that this is the break of 15 months long uptrend, hence the secondary test took more than i expected.
Next, I expect a bounce, following a rally towards $40-45k next as per wyckoff events and step in to phase b of building a cause. There will be a secondary test in this phase, but it will be lower than the upcoming one in phase A according to wyckoff schematics.
I believe 30k will hold, but i can be wrong. Therefore, don't rush for a long trade now, or be very cautious as we are in a bearish trend now.
There's also a bearish flag formation here which suggests longer down trend towards 20k.
So, never fire all your bullets on one trade.
As always, stay safe.
In my previous analysis, secondary test occurred way above selling climax which was bugging me, now with the 15 months long term uptrend has broken and price is leaning towards 30k, i believe secondary test will actually happen now.
So i've moved the secondary test event by 5 days. Note that this is the break of 15 months long uptrend, hence the secondary test took more than i expected.
Next, I expect a bounce, following a rally towards $40-45k next as per wyckoff events and step in to phase b of building a cause. There will be a secondary test in this phase, but it will be lower than the upcoming one in phase A according to wyckoff schematics.
I believe 30k will hold, but i can be wrong. Therefore, don't rush for a long trade now, or be very cautious as we are in a bearish trend now.
There's also a bearish flag formation here which suggests longer down trend towards 20k.
So, never fire all your bullets on one trade.
As always, stay safe.
Trade closed: target reached
Update: Upthrust Event In The Making
Order cancelled
If you are following this pattern, i'd like to warn you that accumulation is likely to invalidate and it can turn in to redistribution. Checkout my newer analysis.
Protect your Bitcoin investment with our realtime alerts and fully automate your trading. No more sleepless nights, black swans, rug pulls, whale pump & dumps or getting sidelined.
Related publications
Disclaimer
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.