BTC in a daily distribution or accumulation? What's next.
https://www.tradingview.com/x/7QRV6ANf/
Since the beginning of March 24 BTC has been forming a Wyckoff distribution pattern on the 1D chart.
Typically I would expect a major sell off at the end of the distribution. However, as we have just gone past the Halving there is great expectation that price will push up towards the 100K mark and possibly beyond.
Therefore, I feel that this current Wyckoff pattern that is paying out before us will ultimately flip into an accumulation and price will break above the
73K region and make new highs.
Of course, that may not be the case and we do in fact see a sell off.
Should this happen and as price is currently making lower lows I feel the region price could move down to will be around the $50-52K mark.
My chart has two paths plotted of what I expect could happen. In order for the bullish case to take hold price will need to climb above the
67K mark and hold to form a base before going higher.
My current bias is that we will ultimately see price fall to 50K and make everyone fearful that the run is over and you will hear everyone calling for 40K. Of course 40K will never come while the smart money add to positions at 50K. Late Q3 I would expect to see a rally back to 60K and then retail will FOMO in thereafter.
Do not get shaken out.
Marklaar84
Since the beginning of March 24 BTC has been forming a Wyckoff distribution pattern on the 1D chart.
Typically I would expect a major sell off at the end of the distribution. However, as we have just gone past the Halving there is great expectation that price will push up towards the 100K mark and possibly beyond.
Therefore, I feel that this current Wyckoff pattern that is paying out before us will ultimately flip into an accumulation and price will break above the
73K region and make new highs.Of course, that may not be the case and we do in fact see a sell off.
Should this happen and as price is currently making lower lows I feel the region price could move down to will be around the $50-52K mark.
My chart has two paths plotted of what I expect could happen. In order for the bullish case to take hold price will need to climb above the
67K mark and hold to form a base before going higher.My current bias is that we will ultimately see price fall to 50K and make everyone fearful that the run is over and you will hear everyone calling for 40K. Of course 40K will never come while the smart money add to positions at 50K. Late Q3 I would expect to see a rally back to 60K and then retail will FOMO in thereafter.
Do not get shaken out.
Marklaar84
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