Wyckoff - Rally Back to the Ice
Breaking of the "Ice" (the ice was support throughout the distribution) happened the other day with that sharp drop from 43k to 30k.
According to the Wyckoff distribution, there is always a rally back to test that break. This is to confirm that the demand is still scarce.
I speculate if the price does not break and hold above 42.5k on the daily then the markdown will continue and this time the target could possibly be around 21.5k.
The Wyckoff distribution has been textbook so far since it began, so I do not see any reason to doubt this.
Other bearish signs include falling out of a rising wedge recently and leaving a graveyard doji behind on the 4H (4am UTC).
Be very careful now trading during this time.
***Disclaimer: I am not a financial professional/expert and all ideas from me are all speculation based off of my own research. Please do your own research as well as I am not responsible for others when it comes to their financial decisions.***
According to the Wyckoff distribution, there is always a rally back to test that break. This is to confirm that the demand is still scarce.
I speculate if the price does not break and hold above 42.5k on the daily then the markdown will continue and this time the target could possibly be around 21.5k.
The Wyckoff distribution has been textbook so far since it began, so I do not see any reason to doubt this.
Other bearish signs include falling out of a rising wedge recently and leaving a graveyard doji behind on the 4H (4am UTC).
Be very careful now trading during this time.
***Disclaimer: I am not a financial professional/expert and all ideas from me are all speculation based off of my own research. Please do your own research as well as I am not responsible for others when it comes to their financial decisions.***
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