There are many techniques written on price action (price and volume analysis).
Wyckoff Method is one of techniques that relates price action with demand and supply.
New to TA trades may be shaken out of the trade after observing the wide red sell off candle (or bar), bearish engulfing pattern.
However, Wyckoff principles denotes the action as bullish.
Compared to the previous wide green candle, where he volume is large but the red wide sell off volume is about just half which translate to weak supply.
Thus, despite BTC is currently trading in range, demand and supply continue to suggest Demand > Supply.
Expectations remains on the upside.
But as Wyckoff traders, we are always on the alert for any incoming supply. 10,500 is our downside pivot.
Cheers.
Wyckoff Method is one of techniques that relates price action with demand and supply.
New to TA trades may be shaken out of the trade after observing the wide red sell off candle (or bar), bearish engulfing pattern.
However, Wyckoff principles denotes the action as bullish.
Compared to the previous wide green candle, where he volume is large but the red wide sell off volume is about just half which translate to weak supply.
Thus, despite BTC is currently trading in range, demand and supply continue to suggest Demand > Supply.
Expectations remains on the upside.
But as Wyckoff traders, we are always on the alert for any incoming supply. 10,500 is our downside pivot.
Cheers.
Trade closed: target reached