Bitcoin Distribution or Reaccumulation II
Everything I wrote in my previous TV idea still applies.
Understanding Bitcoin's reaccumulation schematic, which I believe is currently in play, can provide us with valuable insights and potentially profitable opportunities as it resolves to the upside.
However, there are a few factors to consider:
1. Assuming this is reaccumulation, will we see a sweep of the lows in a spring before continuation?
2. Bitcoin has made LHs, which could signal a change in trend. How do we counter that risk?
3. What are the most potent S/R levels? A breach of these levels, both up and down, will provide clarity.
Reaccumulation Scenario:
1. If Bitcoin is in reaccumulation, there are two options:
a. Direct Breakout: If the price exceeds the 21D EMA, the 50D EMA, and 67.2K, I will assume a direct breakout to the upside.
b. Spring Action: Failing to break above the 50D EMA will signal an impending spring action. In that case, I will look for a long trade if and when Bitcoin reclaims the range low.
Descending Triangle:
If Bitcoin continues to make LHs, I will consider this an Ascending Triangle. The possible target of such a pattern could be as low as 48K.
Do I think it is likely? No. However, it is best to be prepared.
What do you think?
Please share in the comments.
Best Wishes
Understanding Bitcoin's reaccumulation schematic, which I believe is currently in play, can provide us with valuable insights and potentially profitable opportunities as it resolves to the upside.
However, there are a few factors to consider:
1. Assuming this is reaccumulation, will we see a sweep of the lows in a spring before continuation?
2. Bitcoin has made LHs, which could signal a change in trend. How do we counter that risk?
3. What are the most potent S/R levels? A breach of these levels, both up and down, will provide clarity.
Reaccumulation Scenario:
1. If Bitcoin is in reaccumulation, there are two options:
a. Direct Breakout: If the price exceeds the 21D EMA, the 50D EMA, and 67.2K, I will assume a direct breakout to the upside.
b. Spring Action: Failing to break above the 50D EMA will signal an impending spring action. In that case, I will look for a long trade if and when Bitcoin reclaims the range low.
If Bitcoin continues to make LHs, I will consider this an Ascending Triangle. The possible target of such a pattern could be as low as 48K.
Do I think it is likely? No. However, it is best to be prepared.
What do you think?
Please share in the comments.
Best Wishes
