The last chance to jump on BITCOIN SHORT train
https://www.tradingview.com/x/obOe9Q5J/
What we see here is a 3 sell off tops in November, which turned to bearish wedge pattern, then followed by Wyckoff consolidation with 2 upthrust moves because of the gap that bitcoin left after last sell off and Swing Failure Pattern. All of this united by 5 top RSI bear divergence, week bearish divergence and CVD bear divergence
Wyckoff reverse consolidation structure with two upthrusts happens, when price action breaks through major resistance with strong momentum, fills huge order blocks in one go and gets rejected after a while to fill the gaps, left by momentum and retest demand zones and support to fill orders. This is supported by Bitcoin CME futures analysis, where price action left a void at 77k, and it always tends to get back and fill it according theory and practice.
Now at the moment we have a second upthrust which is the climax move of consolidation characterized by huge momentum candles, bearish patterns and manipulative moves like false breakouts/bull traps. All that is left to do is retest of 1/4 H timeframe supply and distribution phase should begin afterwards. Additional confirmations for higher probability trade is to wait for trendlines breakouts and retests
Trade it at your own risk
What we see here is a 3 sell off tops in November, which turned to bearish wedge pattern, then followed by Wyckoff consolidation with 2 upthrust moves because of the gap that bitcoin left after last sell off and Swing Failure Pattern. All of this united by 5 top RSI bear divergence, week bearish divergence and CVD bear divergence
Wyckoff reverse consolidation structure with two upthrusts happens, when price action breaks through major resistance with strong momentum, fills huge order blocks in one go and gets rejected after a while to fill the gaps, left by momentum and retest demand zones and support to fill orders. This is supported by Bitcoin CME futures analysis, where price action left a void at 77k, and it always tends to get back and fill it according theory and practice.
Now at the moment we have a second upthrust which is the climax move of consolidation characterized by huge momentum candles, bearish patterns and manipulative moves like false breakouts/bull traps. All that is left to do is retest of 1/4 H timeframe supply and distribution phase should begin afterwards. Additional confirmations for higher probability trade is to wait for trendlines breakouts and retests
Trade it at your own risk
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