BITCOIN Bearish Wyckoff Distribution 🚨 Supply in Control

Whales have been manipulating Bitcoin in a Wyckoff Distribution schematic since 12/5/23 (before the GBTC and FTX sell off.)

Currently:
🚨 Bitcoin dropped below bottom of Trading Range to create a Sign of Weakness in Phase D.
🚨 Bitcoin flipped the bottom of the Trading Range at $40,150 to resistance and created its final Last Point of Supply for shorts to enter.
🚨 With the CME Gap Fill, GBTC and FTX sell offs, Bitcoin is soon entering Phase E: Supply in Control where everyone realizes there is little chance of a bounce and everyone panic sells.

Comment:

Stop losses of short sellers were most likely taken out!

🚨 If 4-Hour candle body closes above the previous Last Point of Supply at $41,860 it would be a Change of Character and we would need to re-evaluate the Phase D where supply should be dominant.
🚨 BTC Combined Volume shows that the effort used to move price up is less than the result. So, this may be a bull trap before the weekend.
🚨 On Balance Volume does confirm the bullish reversal move... but it is far below the levels of the previous swing high, which also makes me suspect that this is a bull trap.
💡 Ultimately, price is king. Close the 4-Hour candle above $41,860 and maybe we accept a possible bullish reversal.

Comment:

Demand has been dominating supply.

⭐ Price has moved above all Last Point of Supply levels creating a Change of Character. Therefore, one must accept that we could be in a bullish reversal.
🚨 Volume is conflicting with price. BTC combined volume shows little increase in effort used to produce the result of price moving up.

⛔ Going into a long position is difficult because volume is not consistent with price action.
⛔ Going into a short position doesn't make sense until there is a clear chart reversal pattern.