Price action strongly resembles the Wyckoff distribution phase, which could indicate that the cycle top is in. We are waiting to see if a final high will be set or not.
The invalidation of this idea is straightforward:
If the price breaks above 110K and finds acceptance there—such as with a monthly close—this would be a reaccumulation rather than a distribution.
As bitcoin fails to break higher, I'm getting the same feeling I had a few times this year...
I see a lot of bullish sentiment, fear & greed index is still "greed", CT bulls telling followers this is just a retest before parabolic run.
Clearly same pattern is forming like we saw in Mar-Apr and Aug-Oct: rising wedge with bearish div on RSI.
- If this plays out...
Bitcoin tops and bottoms (maro trend) can easily be identified if you use the RSI and Stochastic RSI on 2week candles.
You can draw a channel on both indicators.
- When the top of the channel is reached on both indicators = top
- When the bottom of the channel is reached on both indicators = bottom
Last top signal wasn't that good (42k) but as you can see on...
