BTC: Red or Green? Choose your pill, Neo
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This is a very decisive time for BTC as the range is tightening and coming to its end. It’s time to choose
Green pill — Ascending Triangle — the triangle breaks out to the upside, BTC reaches 11.5k and creates a higher high on the weekly finally turning around the macro picture. You stay in Wonderland of To-The-Moon
Red pill — Wyckoff Distribution Schematic #2 — Major S/R breaks down and prints Signal of Weakness (SOW) in Phase E invalidating the Ascending triangle, after which sub 8k prices come
Remember: all I'm offering is the truth. Nothing more.
Red pill
This looks and feels like distribution. We are too overstretched from the low and to change the macro trend by completing the triangle at this point would be strange. But if it does who cares? Trade the chart, not your opinion!
According to the Wyckoff Distribution Schematic #2, we are at the end of phase D (where we created LPSY) being squeezed between EMA50 & EMA200. If the major S/R level breaks down (which is in line with EMA200), we’d likely see a Death Cross between those two MAs which would confirm the bearish case.
Green pill
From the opposite angle, this still looks like a decent Ascending Triangle. Also just technically speaking, as long as we create higher lows there is no need to be bearish
We are in a quiet neutral territory right now as the price is stuck above EMA200 & below EMA50. We need to reclaim 9.6k at least (ideally 9.9k) to be bullish again.
If Bitcoin does break down below the last prior low created on June 15th, I would look for the Wyckoff Distribution Schematic #2 to play out
What do you think about it? Will this Wyckoff distribution play out and reverse the market or not? Or have you lost yourself in the Wonderland of To-The-Moon? Give us your opinion in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
This is a very decisive time for BTC as the range is tightening and coming to its end. It’s time to choose
Green pill — Ascending Triangle — the triangle breaks out to the upside, BTC reaches 11.5k and creates a higher high on the weekly finally turning around the macro picture. You stay in Wonderland of To-The-Moon
Red pill — Wyckoff Distribution Schematic #2 — Major S/R breaks down and prints Signal of Weakness (SOW) in Phase E invalidating the Ascending triangle, after which sub 8k prices come
Remember: all I'm offering is the truth. Nothing more.
Red pill
This looks and feels like distribution. We are too overstretched from the low and to change the macro trend by completing the triangle at this point would be strange. But if it does who cares? Trade the chart, not your opinion!
According to the Wyckoff Distribution Schematic #2, we are at the end of phase D (where we created LPSY) being squeezed between EMA50 & EMA200. If the major S/R level breaks down (which is in line with EMA200), we’d likely see a Death Cross between those two MAs which would confirm the bearish case.
Green pill
From the opposite angle, this still looks like a decent Ascending Triangle. Also just technically speaking, as long as we create higher lows there is no need to be bearish
We are in a quiet neutral territory right now as the price is stuck above EMA200 & below EMA50. We need to reclaim 9.6k at least (ideally 9.9k) to be bullish again.
If Bitcoin does break down below the last prior low created on June 15th, I would look for the Wyckoff Distribution Schematic #2 to play out
What do you think about it? Will this Wyckoff distribution play out and reverse the market or not? Or have you lost yourself in the Wonderland of To-The-Moon? Give us your opinion in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
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Twitter link: twitter.com/CryptoBullet1
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