BTC in Wyckoff Distribution Schematic
Hi guys. I think that BTC is in a wyckoff's distribution schematic and I believe that we are forming a bigger bulltrap. If BTC follows this schematic, it would put a new high very soon and reject there hard. This would be a very big bulltrap, leading to huge liquidations. This is just an idea, but so far BTC has followed this Wyckoff's distribution schematic very well, everything matches so far. I believe that we are entering now into Phase C, where we put a new high and reject there. My personal target is somewhere at 65k. We need to see how market reacts there.
Why I think that this is likely? Most obvious reasons are huge bearish divergences on weekly and daily which can't be neglected. Also looking at the volume, it is clear that BTC has been losing momentum since January which is of course a bad sign. I think that a "reset" is needed until a next parabolic move and this schematic could be it. I'm watching this closely for the next couple of weeks and update it how it has been going.
Why I think that this is likely? Most obvious reasons are huge bearish divergences on weekly and daily which can't be neglected. Also looking at the volume, it is clear that BTC has been losing momentum since January which is of course a bad sign. I think that a "reset" is needed until a next parabolic move and this schematic could be it. I'm watching this closely for the next couple of weeks and update it how it has been going.
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