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Bitcoin 9 celebrated by Wyckoff top
Hi All!
Today we short Bitcoin on it's 9th yearly close.
Entry: $6414.4
Target 1: $5400
Target 2: $5000
Stop-loss: $6600 (daily close above)
R/R 1:5 & 1:7
Following Wyckoff Method, we now qualify for Distribution phase in Upthrust After Distribution (UTAD) Phase C. In order for "smart money" to get out of longs and accumulate shorts without depressing market too much, positive news are required.
FA - sold into strength news:
Segwit 2x will bring turbulence and will mark the end of Wyckoff Phase D. Afterwards we are gonna need to review the analysis and see if our Phase E randez-vous awaits us.
Happy trading! ;)
Today we short Bitcoin on it's 9th yearly close.
Entry: $6414.4
Target 1: $5400
Target 2: $5000
Stop-loss: $6600 (daily close above)
R/R 1:5 & 1:7
Following Wyckoff Method, we now qualify for Distribution phase in Upthrust After Distribution (UTAD) Phase C. In order for "smart money" to get out of longs and accumulate shorts without depressing market too much, positive news are required.
FA - sold into strength news:
- Derivatives Giant CME Group to Launch Bitcoin Futures Contract
- Bitcoin Gold extra value to BTC Holders
- Amazon rumour
Segwit 2x will bring turbulence and will mark the end of Wyckoff Phase D. Afterwards we are gonna need to review the analysis and see if our Phase E randez-vous awaits us.
Happy trading! ;)
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