BitcoinUpdated Distribution might be going on in bitcoins
evidences supporting the conclusion provided in chart..
shortening of buying thrust after the june rally, quickly followed by large severe selling waves
and lack of follow through in the subsequent rallies and at the present position of the trading range
the inability to cross above the 20dma, shows weakness in the price action
unless the supply trendline is decisively taken out, price action on bullish expectation
is better taken with a pinch of salt
even then also, traders should be cautious of a upthrust formation at the level of the high made in june
support as mentioned at the 200 day wilder moveing average [purple bold MA] and the zone of previous reaccumulation[early june]
should be considered - 8000-7500
happy trading guys!
Disclaimer.... not an investing/trading recommendation
shortening of buying thrust after the june rally, quickly followed by large severe selling waves
and lack of follow through in the subsequent rallies and at the present position of the trading range
the inability to cross above the 20dma, shows weakness in the price action
unless the supply trendline is decisively taken out, price action on bullish expectation
is better taken with a pinch of salt
even then also, traders should be cautious of a upthrust formation at the level of the high made in june
support as mentioned at the 200 day wilder moveing average [purple bold MA] and the zone of previous reaccumulation[early june]
should be considered - 8000-7500
happy trading guys!
Disclaimer.... not an investing/trading recommendation
Note
based on weiss wavesNote
now that were are in mark down... time to calculate the point and figure chart...expect a series of pauses and redistribution throughout the trend...
Disclaimer
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