if we apply the wyckoff phases to the current setup
then id say we are in phase B and a bear trap is brewing . I also suspect this current setup to be a continuation of the idea presented earlier in the graph below
In a wyckoff phase B when the support is broken there can be a reaction in the form of a fast move up called the ( MSOS) Minor or Major sign of strength .
Hence what Im expecting is BTC may test the or break the bottom support line and then move back upwards quickly .
This action should be a Bear-Trap and eliminate the late shorters.
then id say we are in phase B and a bear trap is brewing . I also suspect this current setup to be a continuation of the idea presented earlier in the graph below
In a wyckoff phase B when the support is broken there can be a reaction in the form of a fast move up called the ( MSOS) Minor or Major sign of strength .
Hence what Im expecting is BTC may test the or break the bottom support line and then move back upwards quickly .
This action should be a Bear-Trap and eliminate the late shorters.
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Sure ...Anything is possible in this market but looking at the setup highlighted on the weekly chart below this is not what Id expect .
Rather Im expecting further downside before any further upside.