$BTC Wyckoff Markup 15m - Midweek Distribution
Hi guys,
So bullish news on Bitcoin, which means we should all buy now, right? Bitcoin is pumping and now we're getting on our rocket ships to mars.
Not so fast.
Rishi Sunak has become the Prime Minister of the UK, and it is said that he is a fan of Bitcoin and used to be an institutional trader, which is very good news in regards to the British economy and the British pound. I recently got out of my large short 'position' on the pound after a year of keeping all of my savings in USD even though my home currency is GBP because I saw a devaluation of the pound coming.
Back to Bitcoin; as I have been saying for weeks, I am seeing a relief rally up to $28-32k and we have now broken out with this good news. But now is not the time to go long.
Over the last couple of days we have been seeing a wyckoff markup pattern as shown below:
https://www.investopedia.com/thmb/W6E8Ym9ePyQ86M7kGG2mnrCaTKg=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc():format(webp)/dotdash_Final_Making_Money_The_Wyckoff_Way_CSC_DNR_Jul_2020-01-f62425effeb9422fb7ac34ad83c1f963.jpg
Which can also be seen as an Elliott Wave 5-wave structure.
This is how prices react to good news.
Now, what I am seeing is a midweek distribution, which is quite common in weekly market patterns, before a dump towards the demand zone, shown in red at the bottom of the chart.
https://images.prismic.io/3commas-blog/YWFhMjU3YmEtMzI0Zi00YjgzLThmMDEtZDNiZGE0N2NiMjgz_379c29f6-e148-4d96-8dfc-fe2d7f2fe7d8_2.png?auto=compress%2Cformat&rect=0%2C0%2C1944%2C1124&w=1944&h=1124&dpr=1
Cheers for reading and let me know what you think,
Tchau
So bullish news on Bitcoin, which means we should all buy now, right? Bitcoin is pumping and now we're getting on our rocket ships to mars.
Not so fast.
Rishi Sunak has become the Prime Minister of the UK, and it is said that he is a fan of Bitcoin and used to be an institutional trader, which is very good news in regards to the British economy and the British pound. I recently got out of my large short 'position' on the pound after a year of keeping all of my savings in USD even though my home currency is GBP because I saw a devaluation of the pound coming.
Back to Bitcoin; as I have been saying for weeks, I am seeing a relief rally up to $28-32k and we have now broken out with this good news. But now is not the time to go long.
Over the last couple of days we have been seeing a wyckoff markup pattern as shown below:
https://www.investopedia.com/thmb/W6E8Ym9ePyQ86M7kGG2mnrCaTKg=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc():format(webp)/dotdash_Final_Making_Money_The_Wyckoff_Way_CSC_DNR_Jul_2020-01-f62425effeb9422fb7ac34ad83c1f963.jpg
Which can also be seen as an Elliott Wave 5-wave structure.
This is how prices react to good news.
Now, what I am seeing is a midweek distribution, which is quite common in weekly market patterns, before a dump towards the demand zone, shown in red at the bottom of the chart.
https://images.prismic.io/3commas-blog/YWFhMjU3YmEtMzI0Zi00YjgzLThmMDEtZDNiZGE0N2NiMjgz_379c29f6-e148-4d96-8dfc-fe2d7f2fe7d8_2.png?auto=compress%2Cformat&rect=0%2C0%2C1944%2C1124&w=1944&h=1124&dpr=1
Cheers for reading and let me know what you think,
Tchau