Late shorters , were bullish just a few days ago, who thought yesterday that " oh 30k support is broken I will short here, I am a GENIUS!!" people will be wiped out with the latest pump action. This green movement will stop when they are liquaidated and/or long again. Probably at most 32.5k - 33k . Still Supply trendline shows 31500 is the turning point but I think we will have a fakeout considering Elon Mush charlatan will make some pumping talk tonight in his crypto debate.
Check my related ideas below.
Not a financial advice, just amateur ideas, thoughts.
Check my related ideas below.
Not a financial advice, just amateur ideas, thoughts.
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And Wyckoff says, Redistribution usually ends with high volatility. Which we are witnessing for the last 2 days.
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It had a huge sell off at 32.8k .
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Each red candle volume is bigger than Green candle volume. If u study wyckoff u will see this is not accumulation but redistribution. Accumulation would have been the opposite.
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Last Green candles are strong but not super strong . Still this PA fits to Wyckoff accumulation. Also redistribution says volatility is very high at the end. So this is a part where anybody calls we go up or down is biased. We should wait confirmation. If smb tells me that I have to choose a side, I would still choose redistribution.
