Bitcoin in a Phase C or Phase D Wyckoff Distribution channel
Thanks for taking the time to read my analysis. Today we are studying the 1H time frame for the BTC chart. I drew a parallel channel where price seems to come up wick the 71,200-71,600 levels then go back down. More likely a quick little short squeeze to wash out the levered shorts before making the next leg down. BTC loves doing this as it is a highly leveraged market.
Now approaching the halving, I am sure you have seen all the charts about how BTC historically corrects right before the halving. However, history here in my opinion is pointless. Previous charts are invalidated and pointless so all we can go off is the time frames we have now and are witnessing.
I drew out a fib retracement to where I believe we are likely to correct to. Usually during a distribution phase on Wyckoff there is a upthrust/spring which happens post breakout. We seem to be doing that right now. This rally in my opinion seems like it is on the last leg. We could even see us break 72 and hit 74-75k which IMO is a high probability reversal zone. Of course anything is possible.
I have shorts already placed at the 71K level and 70,600 levels. I am prepared to add more if we get to 72K.
But good ol wyckoff schematics never really seem to let me down for the most part. Excited to see how this plays out
Thanks again for taking the time to read this. If you found it helpful, engage with the post it will help out the account big time.
Oh and happy easter :)
Now approaching the halving, I am sure you have seen all the charts about how BTC historically corrects right before the halving. However, history here in my opinion is pointless. Previous charts are invalidated and pointless so all we can go off is the time frames we have now and are witnessing.
I drew out a fib retracement to where I believe we are likely to correct to. Usually during a distribution phase on Wyckoff there is a upthrust/spring which happens post breakout. We seem to be doing that right now. This rally in my opinion seems like it is on the last leg. We could even see us break 72 and hit 74-75k which IMO is a high probability reversal zone. Of course anything is possible.
I have shorts already placed at the 71K level and 70,600 levels. I am prepared to add more if we get to 72K.
But good ol wyckoff schematics never really seem to let me down for the most part. Excited to see how this plays out
Thanks again for taking the time to read this. If you found it helpful, engage with the post it will help out the account big time.
Oh and happy easter :)