Bitcoin Daily Chart - Wyckoff Distribution and Downtrend Break
As the majority of traders have began showcasing various bearish signals, it is important that at this moment we zoom out of the chart and we observe the longterm pattern that has been created.
On the daily chart we can observe a potential Wyckoff Distribution being completed which should continue with a downtrend.
As of today, bulls are attempting to break off from the downtrend and enter two possible scenarios:
- a shoot to ~47,000 breaching the strong resistance at ~45,000 which has already been tested several times.
- sideways trading to consolidate the downtrend break, and build new support before finally attempting to pump in the ~50,000 price range.
We are still considered to be in no mans land until a confirmation appears.
The most likely scenario is sideways training and here is why:
1. FED actions to taken in consideration
2. Russia - Ukraine situation. Ukraine deciding not to follow their NATO membership ambitions is a positive step towards temporarily resolving the tense circumstances at the border.
3. The crypto ecosystem is technologically booming. A 12-24 months bearish crypto market does not represent the logical uptrend of the overall crypto world, unless external factors are significantly negative.
On the daily chart we can observe a potential Wyckoff Distribution being completed which should continue with a downtrend.
As of today, bulls are attempting to break off from the downtrend and enter two possible scenarios:
- a shoot to ~47,000 breaching the strong resistance at ~45,000 which has already been tested several times.
- sideways trading to consolidate the downtrend break, and build new support before finally attempting to pump in the ~50,000 price range.
We are still considered to be in no mans land until a confirmation appears.
The most likely scenario is sideways training and here is why:
1. FED actions to taken in consideration
2. Russia - Ukraine situation. Ukraine deciding not to follow their NATO membership ambitions is a positive step towards temporarily resolving the tense circumstances at the border.
3. The crypto ecosystem is technologically booming. A 12-24 months bearish crypto market does not represent the logical uptrend of the overall crypto world, unless external factors are significantly negative.