I am calling bluff on Bitcoin! I am seeing redistribution and not accumulation. Currently, I am looking for the falling wedge to play out on the smaller time frames to take out last weeks low. If this plays out, and price holds above $22,000, I will be looking to enter a buy and will begin to take profits when price exits the ascending channel or reaches my target.
Reasons for redistribution and not accumulation.
1. Low volume on selling climax/local bottom. Accumulation will typically have a high volume selling climax.
2. Low volume bounces at support. Accumulation will typically have high volume bounces at support.
3. Retail buyers are weakening at resistance levels. Accumulation will typically have buyers increasing to push through resistance.
4. Sharp sell offs with good sell volume at range tops. Accumulation will typically have weak drawn out sells with low volume at range tops.
5. High volume "spring" with weak bounce low volume bounce. Accumulation will typically have a low volume spring and a sharp high volume bounce.
What do you think? Do you have more to support this as redistribution? If you disagree, why do you think this is accumulation?
Reasons for redistribution and not accumulation.
1. Low volume on selling climax/local bottom. Accumulation will typically have a high volume selling climax.
2. Low volume bounces at support. Accumulation will typically have high volume bounces at support.
3. Retail buyers are weakening at resistance levels. Accumulation will typically have buyers increasing to push through resistance.
4. Sharp sell offs with good sell volume at range tops. Accumulation will typically have weak drawn out sells with low volume at range tops.
5. High volume "spring" with weak bounce low volume bounce. Accumulation will typically have a low volume spring and a sharp high volume bounce.
What do you think? Do you have more to support this as redistribution? If you disagree, why do you think this is accumulation?
Trade active:
Signs of redistribution on the 15 min. Good Opportunity to short.
