After the Bitcoin ETF was approved there was a 2nd Upthrust After Distribution to test remaining demand.
🚨 Supply was dominant and within 24 hours it was a "buy the rumor, sell the news event."
🚨 Bitcoin re-entered the Wyckoff trading range.
🚨 A small bounce created a Last Point of Supply, which is the ideal entry for a short position.
🚨 Supply was dominant and within 24 hours it was a "buy the rumor, sell the news event."
🚨 Bitcoin re-entered the Wyckoff trading range.
🚨 A small bounce created a Last Point of Supply, which is the ideal entry for a short position.
Transaction en cours:
🚨 Bitcoin dropped below bottom of Trading Range to create a Sign of Weakness.
🚨 Bitcoin flipped the bottom of the Trading Range at $40,150 to resistance and created its final Last Point of Supply for shorts to enter.
🚨 Now entering Phase E: Supply in Control
🚨 Bitcoin flipped the bottom of the Trading Range at $40,150 to resistance and created its final Last Point of Supply for shorts to enter.
🚨 Now entering Phase E: Supply in Control
Commentaire:
Demand has been dominating supply.
⭐ Price has moved above all Last Point of Supply levels creating a Change of Character. Therefore, one must accept that we could be in a bullish reversal.
🚨 Volume is conflicting with price. BTC combined volume shows little increase in effort used to produce the result of price moving up.
⛔ Going into a long position is difficult because volume is not consistent with price action.
⛔ Going into a short position doesn't make sense until there is a clear chart reversal pattern.
⭐ Price has moved above all Last Point of Supply levels creating a Change of Character. Therefore, one must accept that we could be in a bullish reversal.
🚨 Volume is conflicting with price. BTC combined volume shows little increase in effort used to produce the result of price moving up.
⛔ Going into a long position is difficult because volume is not consistent with price action.
⛔ Going into a short position doesn't make sense until there is a clear chart reversal pattern.
🚨 If 4-Hour candle body closes above the previous Last Point of Supply at $41,860 it would be a Change of Character and we would need to re-evaluate the Phase D where supply should be dominant.
🚨 BTC Combined Volume shows that the effort used to move price up is less than the result. So, this may be a bull trap before the weekend.
🚨 On Balance Volume does confirm the bullish reversal move... but it is far below the levels of the previous swing high, which also makes me suspect that this is a bull trap.
💡 Ultimately, price is king. Close the 4-Hour candle above $41,860 and maybe we accept a possible bullish reversal.