BitcoinUpdated BTC - Wyckoff Spring or Further downside ?
if this is really a Wyckoff phase C spring then the next move will be a strong push to the resistances at 17505 and 18891 followed by movement to 21955.
On the other hand If this is not a phase C spring then id expect a rejection at one of the the resistance areas 17505 , 18891 or 21955 followed by BTC moving down to the 14700 area.
For now its best to watch the action and see if BTC is able to close at the minimum above the 18891 resistance.
On the other hand If this is not a phase C spring then id expect a rejection at one of the the resistance areas 17505 , 18891 or 21955 followed by BTC moving down to the 14700 area.
For now its best to watch the action and see if BTC is able to close at the minimum above the 18891 resistance.
Note
my thought is there will be further movement down to at least 14700 and id expect a few Bull-traps to be thrown in before this plays outNote
On the daily there is also an larger indecisive doji setup brewing these setups usually indicate a large move or directional change is incoming .
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.