phildavisjr

BITCOIN WYCKOFF ANALYSIS

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Thinking BTC's next moves will be something like this...

If we break the current trend line I think we will drop between $8500-$8200 (maybe lower) then back up to re-test to the major resistance line. We have already touched the major resistance line 5 times I believe, which makes it pretty weak and susceptible to be broken completely. If bulls cannot make the push, we can drop below $7800 and possibly be in a re-accumulation phase with a loaded spring to retest or distribution phase to drop to the deaths of hell of the current downward trading range we are in.

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