Bitcoin / TetherUSShort
BTC Breaking out from consolidation 52k incoming - stay caution
As from my last chart, it is currently playing the consolidation phase for breakout 56k - 52k zone is the target area.
From around the 52k zone, we can expect a pump all the way back to around 63k zone to liquidate the late shorts and complete the 3 zig zag tops of UTAD phase of the distribution schematic on the weekly chart from 2021 (triple tops)
SEE chart below.
For me, whenever we reach the support or resistance on either sides, we tend to stop just before the LINES. This gives you false hope and get rid of weak hands during the consolidation before continuing the trend. That's where we are now doing on the downside and it is why I FLIPPED my chart.
3 PLAYS to think about:
#1 SHORTS TP around the 52k zone.
#2 Start LONGing at around 52k for the pump back to 63k area for TP.
#3 Short again at 63k for dump - target roughly 48-42k zone.
OVERALL,
I have been paying attention to the wyckoff distribution schematic on the weekly chart.
This tops is the UTAD and the bear market has began around 10 June 2024.
From around the 52k zone, we can expect a pump all the way back to around 63k zone to liquidate the late shorts and complete the 3 zig zag tops of UTAD phase of the distribution schematic on the weekly chart from 2021 (triple tops)
SEE chart below.
For me, whenever we reach the support or resistance on either sides, we tend to stop just before the LINES. This gives you false hope and get rid of weak hands during the consolidation before continuing the trend. That's where we are now doing on the downside and it is why I FLIPPED my chart.
3 PLAYS to think about:
#1 SHORTS TP around the 52k zone.
#2 Start LONGing at around 52k for the pump back to 63k area for TP.
#3 Short again at 63k for dump - target roughly 48-42k zone.
OVERALL,
I have been paying attention to the wyckoff distribution schematic on the weekly chart.
This tops is the UTAD and the bear market has began around 10 June 2024.
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