OK so I'm going to update this idea over the coming days to give more explanation/hash out some more thoughts, but for now, here is where I'm at.
Here is a bigger picture of the idea, showing previous peaks and how they cycled down (red arrows).
Based on the bottom left example of a Wyckoff pattern found on BTC, we've got one more high before the real downfall cycle begins.
If the top is in (which it could be based on the top left example and us hitting the resistance], the down cycle (red arrow) is already in motion.
I'm leaning towards OMH as it stands, which if the white channel is anything to go by for now, we are looking at $600+ range.
Both are valid ideas IMO, though let me know if you think otherwise/I've missed something :)
Here is a bigger picture of the idea, showing previous peaks and how they cycled down (red arrows).
Based on the bottom left example of a Wyckoff pattern found on BTC, we've got one more high before the real downfall cycle begins.
If the top is in (which it could be based on the top left example and us hitting the resistance], the down cycle (red arrow) is already in motion.
I'm leaning towards OMH as it stands, which if the white channel is anything to go by for now, we are looking at $600+ range.
Both are valid ideas IMO, though let me know if you think otherwise/I've missed something :)
Note
I've been a bit lazy with updating this, but today's 12% move up off the back of trump announcing 90 day pause on tariffs (except China) could be a good catalyst. Current stance until we break the blue uptrend line:
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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.