Potential Short position BTC
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I've been tracking Bitcoin's recent movements, and I believe we're seeing a classic Wyckoff distribution pattern play out.
Key Levels and Phases
Phase A (Buying Climax - BC):
We saw a significant buying climax, where the price reached a peak in the upper $70,000s.
An Automatic Reaction (AR) followed, pulling back to around the mid $60,000s.
Phase B:
During this phase, the price oscillated between the mid $60,000s and the upper $70,000s, forming a series of Secondary Tests (ST) and minor Signs of Weakness (SOW).
Notice the increased volatility and volume spikes, typical in this phase.
Phase C:
We might be in Phase C, where a potential Last Point of Supply (LPSY) is forming.
The recent rally failed to break the resistance in the low $70,000s, indicating potential weakness.
Diminishing Volume:
The recent rally to the low $70,000s saw diminishing volume, hinting at a lack of buying interest.
Bearish Signals
Major SOW?
The price broke below the minor SOW level (mid $50,000s) and bounced back, possibly confirming a major SOW.
RSI Divergence:
The RSI is showing bearish divergence with multiple bear signals since March.
Trading Strategy
Short Position:
If the price fails to break above the low $70,000s again and shows bearish signs, consider entering a short position.
Target the previous support levels around the mid $60,000s and mid $50,000s.
Stop Loss:
Place your stop loss just above the low $70,000s to manage risk.
Remember, always do your own research and trade responsibly. Happy trading!
Key Levels and Phases
Phase A (Buying Climax - BC):
We saw a significant buying climax, where the price reached a peak in the upper $70,000s.
An Automatic Reaction (AR) followed, pulling back to around the mid $60,000s.
Phase B:
During this phase, the price oscillated between the mid $60,000s and the upper $70,000s, forming a series of Secondary Tests (ST) and minor Signs of Weakness (SOW).
Notice the increased volatility and volume spikes, typical in this phase.
Phase C:
We might be in Phase C, where a potential Last Point of Supply (LPSY) is forming.
The recent rally failed to break the resistance in the low $70,000s, indicating potential weakness.
Diminishing Volume:
The recent rally to the low $70,000s saw diminishing volume, hinting at a lack of buying interest.
Bearish Signals
Major SOW?
The price broke below the minor SOW level (mid $50,000s) and bounced back, possibly confirming a major SOW.
RSI Divergence:
The RSI is showing bearish divergence with multiple bear signals since March.
Trading Strategy
Short Position:
If the price fails to break above the low $70,000s again and shows bearish signs, consider entering a short position.
Target the previous support levels around the mid $60,000s and mid $50,000s.
Stop Loss:
Place your stop loss just above the low $70,000s to manage risk.
Remember, always do your own research and trade responsibly. Happy trading!
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