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BTC in a distribution phase - down we go soon?
Taking example from a 30m timeframe BTC Wyckoff distribution phase pattern, I think the fractal pattern tracks well to match what we are seeing on the 1 day chart.
I've colour coded each section in this above image for clarity on where I think we are.
I could be wrong as we do have secondary tests to contend with which could see a break to the upside and this is merely a reaccumulation, but for now this is where my head is at.
You can see from my other ideas this pattern idea usually plays out, but we shall see.
Thoughts?
I've colour coded each section in this above image for clarity on where I think we are.
I could be wrong as we do have secondary tests to contend with which could see a break to the upside and this is merely a reaccumulation, but for now this is where my head is at.
You can see from my other ideas this pattern idea usually plays out, but we shall see.
Thoughts?
Nota
Just to back up where I'm coming from, here is the same pattern playing out on the 2hr timeframe to show how repetitive BTC is, and how it matches up with the example from 2020 on a 30m timeframe.
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