Wyckoff redistribution for BTC
Updated
Note: This post is quite a reach from a bearish perspective and just an idea. I have about 70% confidence i n it.
This is looking more likely to be a Wyckoff redistribution than a reaccumulation simply from the patterns I'm seeing formed within the range. We will only know for sure though after a break below the range and a bearish retest of SC after breaking to the low (I'll be buying on bounces at all the fibonacci levels starting from 1.272 all confluent with monthly/weekly demand zones and selling on bounces until the 200% fib retracement target with stop losses at entry after bounces. I believe we can come as low as the 2.618 at around 13k not likely though.
In the recent short term there was a wyckoff reaccumulation to the 200% fib target which couldn't hold a bullish retest of its buying climax. I will try to get a short in between 33.3k and 33.7k. Key level I'm setting buy orders for now are at 30.3k for what I think will be one last bearish retest before breaking down from the larger range.
Avoiding buying alts until around 50% of the monthly imbalance on btc.d is filled. Bitcoin Dominance has a big imbalance on the monthly it is looking to fill. But once filled to maybe 50%-100% I think there will be a big fast drop again to new lows for a new big alt cycle from the pattern I'm seeing formed.
The monthly close 2 days ago was also the quarterly and half-yearly closes. If the first few months or 2 are started red, we might see the quarterly or half-yearly shift momentum to the upside and leave a wick to the lows.
You might be thinking we need to retest breakdown of previous wyckoff redistribution range. To that I would argue we might not get it because the target of the 200% fib retracement has already been reached. It has actually come down to 2.618.
Eth BTC also looking bearish on the weekly. Currently faking out from the shorter term .618 retracement.
Might be the last post for a while.
This is looking more likely to be a Wyckoff redistribution than a reaccumulation simply from the patterns I'm seeing formed within the range. We will only know for sure though after a break below the range and a bearish retest of SC after breaking to the low (I'll be buying on bounces at all the fibonacci levels starting from 1.272 all confluent with monthly/weekly demand zones and selling on bounces until the 200% fib retracement target with stop losses at entry after bounces. I believe we can come as low as the 2.618 at around 13k not likely though.
In the recent short term there was a wyckoff reaccumulation to the 200% fib target which couldn't hold a bullish retest of its buying climax. I will try to get a short in between 33.3k and 33.7k. Key level I'm setting buy orders for now are at 30.3k for what I think will be one last bearish retest before breaking down from the larger range.
Avoiding buying alts until around 50% of the monthly imbalance on btc.d is filled. Bitcoin Dominance has a big imbalance on the monthly it is looking to fill. But once filled to maybe 50%-100% I think there will be a big fast drop again to new lows for a new big alt cycle from the pattern I'm seeing formed.
The monthly close 2 days ago was also the quarterly and half-yearly closes. If the first few months or 2 are started red, we might see the quarterly or half-yearly shift momentum to the upside and leave a wick to the lows.
You might be thinking we need to retest breakdown of previous wyckoff redistribution range. To that I would argue we might not get it because the target of the 200% fib retracement has already been reached. It has actually come down to 2.618.
Eth BTC also looking bearish on the weekly. Currently faking out from the shorter term .618 retracement.
Might be the last post for a while.
Note
See chart here: tradingview.com/chart/D46Nwqzw/Note
EDIT: 31682-31.4 key area of support im also eyeingNote
tradingview.com/chart/9HlAGN1Q/ BTC dominance monthly imbalance chartNote
I think BTC will go up short term. Broke major bulltrap trendline resistance and retested it as support, the pattern i was seeing to be bearish has been invalidated. and the strong daily demand zone i have within the monthly at 32738 held up. Trading range also has been expanded. targets are: 200% fib at 34518, 2.272 at 34727, 2.618 , 34994.I'm thinking we can go as high as 35.2 to 36.2 just because skies are looking relatively clear of supply zones.
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