Hi all,
I would like update my latest view on BTC for the next weeks to come (see link below).
In my opinion, after a good pump from $28k, BTC's momentum is lost. Now, it is condolidating in a range of 6% from $33200-$35300.
Following Wyckoff analysis, the first phase A was completed. We can see that the retest of the range's low (AR) indicates that there was an important sell pressure from the range's high.
Although, it's still soon to confirm but a distribution scenario is likely to happen. Based on this hypothesis, my trading plan is as in chart.
Have a nice weekend and good luck!
Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.
Comment:
Sell pressure at $34500
Comment:
In my opinion, ST event was done (around $34700). Many alcoins were flying when BTC bounced from AR to ST last weekends. Corrections are on-going.
I'm waiting for "SOW in phase B" event to happen the next days to come.
I'm waiting for "SOW in phase B" event to happen the next days to come.
Comment:
In smaller 1H TF, we have also a redistribution schematic:
Comment:
Finally, sell is coming with higher and higher pressure. I'll watch carefully $33200 level.
Comment:
BTC prices have been ranging in 34200-34600. I'm still waiting SOW in Phase B event for potential Longs. My picks would be: LUNC, ATOM, SUSHI and GMT.
What are your view on the next moves of BTC and Alts?
What are your view on the next moves of BTC and Alts?
Comment:
BTC is undecided. It seems waiting for something because bulls/bears are very equal recent days. Today, BTC is going nowhere but many alcoins corrected. It'd be good opportunity to enter some strong altcoins like SOL.
Comment:
BTC suddenly pumped to $35200 but is still in the ranges (triangle)
Comment:
BTC was very volatile today. It did not break the triangle to downside (4H TF) to go straight to
33K
area as expected. Despite the bullish action, i'm still waiting for the retest of the range low (with possible deviation). However, with the lastest moves, my view for BTC may change for which I'll update with a new chart. But my expectation in short-term: BTC needs to retest below $33000s and bounce from there to $36000s.
Comment:
BTC is going to the range's low in my opinion. The moves of BTC were very tricky. This is my last update for this analysis because I'll open a new one to follow up with the latest moves of BTC. Thanks for reading.
