Had my eye on this beauty for some time now.
Looks like BTC is maturing, throwing the cycle arguments out of the window, most of the crypto community are not ready for such big swings in sentiment its leaving them all a little confused hehe. Their poor emotions, sentiment swings are extreme :)
Now as price action has developed we can see that we are potentially just in a much larger structure which is a pause in the uptrend. You can see that volume is contracting although there is still some supply in the background atm. Contracting volume and slower acceleration to the downside is a promising sign for cumulative cause though. The causality seems to be growing.
I have put in a dotted line for an apex style formation which is very common in cryptos although I do beleive that the most probable scenario judging by the stock markets is that we do go back down for another secondary test of 28K, I still cannot see any demand here at 43K. There just seems to be some support, there is no aggressive buying by CO just yet. 28K would be incredibly healthy and a fantastic opportunity for investors/swing traders and I beleive this is the true value zone.
Do I see this structure being distribution? At the moment no. Supply seems to be exhausting already, one more leg down to solid support 28K maybe but deeper than that not really, maybe 26K max pain...
One thing to note is the trusty TDI indicator. This also indicates another leg down is possible which would see this reset, a bottomed out TDI indicator along with long term support you can bet is a strong buy signal!
Looks like BTC is maturing, throwing the cycle arguments out of the window, most of the crypto community are not ready for such big swings in sentiment its leaving them all a little confused hehe. Their poor emotions, sentiment swings are extreme :)
Now as price action has developed we can see that we are potentially just in a much larger structure which is a pause in the uptrend. You can see that volume is contracting although there is still some supply in the background atm. Contracting volume and slower acceleration to the downside is a promising sign for cumulative cause though. The causality seems to be growing.
I have put in a dotted line for an apex style formation which is very common in cryptos although I do beleive that the most probable scenario judging by the stock markets is that we do go back down for another secondary test of 28K, I still cannot see any demand here at 43K. There just seems to be some support, there is no aggressive buying by CO just yet. 28K would be incredibly healthy and a fantastic opportunity for investors/swing traders and I beleive this is the true value zone.
Do I see this structure being distribution? At the moment no. Supply seems to be exhausting already, one more leg down to solid support 28K maybe but deeper than that not really, maybe 26K max pain...
One thing to note is the trusty TDI indicator. This also indicates another leg down is possible which would see this reset, a bottomed out TDI indicator along with long term support you can bet is a strong buy signal!
