Volume doesn't seem to support this Wyckoff Distribution idea. Really need bigger sell volume. So, this may just be a short term pullback.
Trade closed: stop reached:
🚨Wyckoff Distribution looks invalidated, no follow-through with bear volume, and Bitcoin is back above $23,000! This was the end of the short-term pullback.
Comment:
🚨 I wouldn't dare short right here!
An alternative scenario is that in the next 24 hours Bitcoin does an Upthrust above $24,000 to take out any short positions before supply finally dominates.
An alternative scenario is that in the next 24 hours Bitcoin does an Upthrust above $24,000 to take out any short positions before supply finally dominates.
Comment:
If this penultimate phase of the Wyckoff Distribution is going to happen after this Upthrust to $24,000, we'll need to pay close attention to INCREASING bear volume to confirm this idea!
Comment:
Wyckoff Distribution failed. Bullish volume created a change in character. High probability Bitcoin moves higher in the weeks ahead!
Here's a more detailed look at the Wyckoff Distribution + Volume.
🔴 If Bitcoin is going to pullback, I'm looking at it to do this in the next 12 hours.
🔴 In the meantime, usually the altcoins to one last face ripping move up to trap bulls.
🟡 A move above $23,500 will invalidate this idea!