BTC - Month of June
Here is a Wyckoff distribution pattern I am seeing and suggest two potential paths before the eventual downturn:
Path 1 - No HH but a weak LPSY
Path 2 - HH to hit .5 fib
More inclined to Path 1 considering the range is tilted downwards and also the leeway in momentum divergences.
Path 1 - No HH but a weak LPSY
Path 2 - HH to hit .5 fib
More inclined to Path 1 considering the range is tilted downwards and also the leeway in momentum divergences.
Note
Also if its a new HH, i would think this will evolve into a much bigger TR, but considering where we are in the cycle and wave that's not likely. So, bias is for a weak LPSY to ~28/29k or <30kNote
Tick-tockNote
Note
Note
Generally, if the price lingers at channel support like this, will eventually breakdown, failed recapture.
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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.