BitcoinShort
BTCUSD: Phase A Wyckoff.
From stopping volume,preliminary support and selling exhausted indicate a shortening of the thrust(SOT).
What would confirm the SOT pattern and structure failure would be for the price to now develop strong upside momentum.
Me ideally want to see this momentum effectively break the bearish structure changing the market dynamics.
in this case i saw change of character(choch) from 34k seller been exhausted and automatic rally and also broke the bearish channel towards 44k, this gave the phase A.. (stop the previous trend)
At this point im expecting price might make a little test toward support possible B as building the cause this could be Accumulation or Re-distribution..
Me personally will go on shorterm short possition at this current level until price action tell me otherwise..
(idea posted as for study purposes)
What would confirm the SOT pattern and structure failure would be for the price to now develop strong upside momentum.
Me ideally want to see this momentum effectively break the bearish structure changing the market dynamics.
in this case i saw change of character(choch) from 34k seller been exhausted and automatic rally and also broke the bearish channel towards 44k, this gave the phase A.. (stop the previous trend)
At this point im expecting price might make a little test toward support possible B as building the cause this could be Accumulation or Re-distribution..
Me personally will go on shorterm short possition at this current level until price action tell me otherwise..
(idea posted as for study purposes)
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.