Bitcoin Wyckoff Upthrust & The Death Cross Update
I've added 50 & 200 day moving averages to my analysis to see where the death cross meets wyckoff schematics. Looks like they are about to create a perfect storm to the downside.
The death cross is widely popular these days, so it's hard to find buyers now for an upthrust. We also have a low volume, so it's up to the composite operator, whether or not he'll attempt for a false breakout and try to create FOMO. We'll find out in few days.
If this upthrust fails, we'll go down sooner.
Note that this schematics is just a guideline. we just need to understand the sequence and the nature of the events and recognize them on our price action.
Also remember, i can be wrong, so do your own research!
The death cross is widely popular these days, so it's hard to find buyers now for an upthrust. We also have a low volume, so it's up to the composite operator, whether or not he'll attempt for a false breakout and try to create FOMO. We'll find out in few days.
If this upthrust fails, we'll go down sooner.
Note that this schematics is just a guideline. we just need to understand the sequence and the nature of the events and recognize them on our price action.
Also remember, i can be wrong, so do your own research!
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Here's my update for the upthrust and the upcoming death cross. Also learning materials for p&f charts.
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Revised update with more details:
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If you are following this pattern, i'd like to warn you that accumulation is likely to invalidate and it can turn in to redistribution. Checkout my newer analysis.
