BitcoinLong
BTC is BULLISH NOT BEARISH a wyckoff analysis
after this wykoff accomulation phase made by the big money the path of least resistance is UP and UP only
most BTC to be absorbed by retailers has been absorbed by professionals and investors
after multiple tests
shakes
we have made the final effort with a dovish speach from powell
this is basically a pricing in of the fed interest cuts.
Lets dive in to the analysis and price action.
so first of selling climax:
the lows of the selling climax back on monday did not look bullish. and it is possible we will still sweep them in the future perhaps thats a level to look on if we fail to rise above 70k or it is a level to look at on the next bear market cycle.
the interest to keep selling at these levels is the reason why we had to multipley test these levels "weakening" the area.
What gave me the first bullish bias is the sign of strength from the upthrust action.
the fact we held and didnt drop far showed a lot of buyers willing to abosrb the drop.
smart money concepts would dictate that liquidity sweeps are likely. so there were many bad lows to sweep liquidity from and we did grabbed it made a really good low and for me that was one of the final edges to understand we are going up.
and i was looking to long from the higher low after we had this rising wedge pattern i absorbed it with the professionals and longed from there.
ever since that long we had another drop with big selling volume
ever since there were less and less sellers because stock was absorbed and accomulation completed.
cup and handle pattern
2 shake tests to get weak hands out of the market before we go up
and like you can see on net volume there were not any sellers left on these levels.
Right now we have a bullflag and we are making mega bullish action on btc. i will not change my bias before we have a long enough distribution phase.
this accomulation campaign took 21 days to complete.
distribution would likely be roughly the same time if not longer.
What i can say for sure right now is that the majority of btc stock is in the hands of professionals and they will decide whats gonna happen next.
most BTC to be absorbed by retailers has been absorbed by professionals and investors
after multiple tests
shakes
we have made the final effort with a dovish speach from powell
this is basically a pricing in of the fed interest cuts.
Lets dive in to the analysis and price action.
so first of selling climax:
the lows of the selling climax back on monday did not look bullish. and it is possible we will still sweep them in the future perhaps thats a level to look on if we fail to rise above 70k or it is a level to look at on the next bear market cycle.
the interest to keep selling at these levels is the reason why we had to multipley test these levels "weakening" the area.
What gave me the first bullish bias is the sign of strength from the upthrust action.
the fact we held and didnt drop far showed a lot of buyers willing to abosrb the drop.
smart money concepts would dictate that liquidity sweeps are likely. so there were many bad lows to sweep liquidity from and we did grabbed it made a really good low and for me that was one of the final edges to understand we are going up.
and i was looking to long from the higher low after we had this rising wedge pattern i absorbed it with the professionals and longed from there.
ever since that long we had another drop with big selling volume
ever since there were less and less sellers because stock was absorbed and accomulation completed.
cup and handle pattern
2 shake tests to get weak hands out of the market before we go up
and like you can see on net volume there were not any sellers left on these levels.
Right now we have a bullflag and we are making mega bullish action on btc. i will not change my bias before we have a long enough distribution phase.
this accomulation campaign took 21 days to complete.
distribution would likely be roughly the same time if not longer.
What i can say for sure right now is that the majority of btc stock is in the hands of professionals and they will decide whats gonna happen next.
Note
DONT TRADE WHAT YOU THINK OR FEEL
IT IS ALWAYS BIASED YOUR THOUGHTS AND PSYCHOLOGY ARE IN THE WAY OF SUCCESS
TRADE WHAT YOU SEE NOT WHAT YOU FEEL
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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.
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.