BTC in a Wyckoff distribution, probable fall down on the weekend

Hello cryptotraders,

I come back with and idea for BTCUSD i´ve been reading and developing on the Wyckoff scenarios, so i leave you here my first chart with this method.

After surpassing 7250 BTC is inside the symmetrical triangle, the lower line of the triangle is the one you can see in green that is as well acting as support, the Wyckoff distribution is developing inside the triangle.

At the moment we are approaching the UTAD Test in phase C , which will be the HH (higher high) BTC reaches in this leg up if this scenario is right, that would be around 7600 - 7650.

If this scenario is wrong then i would love to see BTC surpass the upper part of the symmetrical triangle over 7800 and see it reaching up to 11200 values.

Personally i will close my long in the UTAD Test, and wait to see how the scenario develops.

Cheers

Rob

Comment:

Update:

This is playing out fairly as expected, we should be headed to the full retrace in these 2 or 3 days.

We are getting to the 7100 zone which is bellow the symmetric traingle and i expect that we retest the entry to the triangle after that trying to cross again the 7250.

Protect yourself specially in alts as they will get slammed by this retrace.

Have a nice weekend.

Rob

Comment:

We are going down to china town, i just hope its a healthy retrace and we don't get bellow 7000, i´ve updated the chart to meet the correct wyckoff that formed.