BITCOIN ðĒ Wyckoff Distribution ððð
- ðĻ I am NOT shorting Bitcoin.
- ðĄ This is for information purposes only.
- ð I will look to accumulate Bitcoin when it finds a bottom!
Head and Shoulders Reversal occurred at the Up Thrust After Distribution...
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ðĻ This is why I don't short Bitcoin!!! ðĻðĄ Possible testing of Supply Zone at $7,400-ish?
Are sellers exhausted? ðŦ
Or is there more supply to unload? ðĪ
Price making either making...
Higher Highs âïļâïļâïļ = Bullish ð
Lower Highs ððð = Bearish ðŧ
This will give us clues at what the whales are plotting... ðģ
ð A break above $8,150 and I will have to flip bullish! ð
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The Cheat Code at Supply Zone:Uptrend = HH + HL
Downtrend = LH + LL
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Wyckoff Distribution Fractal on 15 Min TFðĻ Threat is to the downside...
...but last minute day trade flip
ðĄ Risk to reward 1:2
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Short term trade posted above... expires in 2 hours. If your Stop Loss doesn't get hit... I'd take profits to be safe. Heavy resistance ahead.āļāļąāļāļāļķāļ
Stop Loss on quick, day trade flip, Long Position moved to break even at $7,320-ishāļāļąāļāļāļķāļ
Oh well, got stopped out at break even on my Long position. Looks like supply still overwhelms demand at the $7,400-ish price, Appears less likely there will be a last-minute Up Thrust Above Distribution (UTAD Test???)āļāļąāļāļāļķāļ
Volume spike failed to break above overhead resistance.... this is where you would short...āļāļąāļāļāļķāļ
My thought process is that... if the volume spike was unable to produce a Higher High... then supply is overwhelming demand no matter how many buyers and sellers are active. It's a Sign of Weakness.(â ïļ But please use a Stop Loss in case a whale goes nuts and price pumps.)
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Just posted a new chart:This appears to be a complex bearish correction at the top of a very nice rally up.
Everything in life expands and contracts
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ðĻ Reminder:Don't try to catch a "falling knife"!!!
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