$BTC JUST FORMED A WYCKOFF DISTRIBUTION TOP PATTERN
Take a close look:
-> Preliminary Supply - $76k
-> Buying Climax - $78.3k
-> Automatic Reaction - $74.8k
-> Secondary Test - $76k
-> Sign of Weakness - $73.7k
-> Upthrust After Distribution - currently happening...
-> Last Point of Supply - will be at $76k & $74k
The market is currently in the phase just before the Upthrust After Distribution.
After that, a bearish phase is expected to occur, followed by the Last Point of Supply.
The final target of this Wyckoff distribution model is around ~$68k for BTC, with the potential for a deeper drop to $60k.
Anyone thinking that the bull run has started might soon learn a costly lesson.
Don't make a big mistake - turn on notifications, I'll keep you updated.
#BTC #bitcoin #action #FedRatesUnchanged
Take a close look:
-> Preliminary Supply - $76k
-> Buying Climax - $78.3k
-> Automatic Reaction - $74.8k
-> Secondary Test - $76k
-> Sign of Weakness - $73.7k
-> Upthrust After Distribution - currently happening...
-> Last Point of Supply - will be at $76k & $74k
The market is currently in the phase just before the Upthrust After Distribution.
After that, a bearish phase is expected to occur, followed by the Last Point of Supply.
The final target of this Wyckoff distribution model is around ~$68k for BTC, with the potential for a deeper drop to $60k.
Anyone thinking that the bull run has started might soon learn a costly lesson.
Don't make a big mistake - turn on notifications, I'll keep you updated.
#BTC #bitcoin #action #FedRatesUnchanged