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BITCOIN ๐Ÿ˜ข Wyckoff Distribution ๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡

403
  • ๐Ÿšจ I am NOT shorting Bitcoin.
  • ๐Ÿ’ก This is for information purposes only.
  • ๐Ÿ‘ I will look to accumulate Bitcoin when it finds a bottom!


Head and Shoulders Reversal occurred at the Up Thrust After Distribution...
Nota
๐Ÿšจ This is why I don't short Bitcoin!!! ๐Ÿšจ

๐Ÿ’ก Possible testing of Supply Zone at $7,400-ish?

Are sellers exhausted? ๐Ÿ˜ซ
Or is there more supply to unload? ๐Ÿค

Price making either making...
Higher Highs โ˜๏ธโ˜๏ธโ˜๏ธ = Bullish ๐Ÿ‚
Lower Highs ๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡ = Bearish ๐Ÿป
This will give us clues at what the whales are plotting... ๐Ÿณ

๐Ÿ’š A break above $8,150 and I will have to flip bullish! ๐Ÿ’š

syot kilat
Nota
The Cheat Code at Supply Zone:
Uptrend = HH + HL
Downtrend = LH + LL

syot kilat
Nota
Wyckoff Distribution Fractal on 15 Min TF
๐Ÿšจ Threat is to the downside...
...but last minute day trade flip
๐Ÿ’ก Risk to reward 1:2

syot kilat
Nota
Short term trade posted above... expires in 2 hours. If your Stop Loss doesn't get hit... I'd take profits to be safe. Heavy resistance ahead.
Nota
Stop Loss on quick, day trade flip, Long Position moved to break even at $7,320-ish
Nota
Oh well, got stopped out at break even on my Long position. Looks like supply still overwhelms demand at the $7,400-ish price, Appears less likely there will be a last-minute Up Thrust Above Distribution (UTAD Test???)
Nota
Volume spike failed to break above overhead resistance.... this is where you would short...

syot kilat
Nota
My thought process is that... if the volume spike was unable to produce a Higher High... then supply is overwhelming demand no matter how many buyers and sellers are active. It's a Sign of Weakness.
(โš ๏ธ But please use a Stop Loss in case a whale goes nuts and price pumps.)
Nota
Just posted a new chart:
This appears to be a complex bearish correction at the top of a very nice rally up.
Everything in life expands and contracts
syot kilat
Nota
๐Ÿšจ Reminder:
Don't try to catch a "falling knife"!!!

syot kilat

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