Bitcoin Distribution Update

23 Nov 2021

This is just an update from my previous post. After Bitcoin has made it second major sign of weakness by breaking below the previous low. It has backtested the Automatic Rally as resistance and has now backtested the first Sign of Weakness. This means one of two things bitcoin may breakdown here completely. Or it confirms to traders that the bearish bias is true and now we wait to see a lower high. If bitcoin does not attempt to break out here it would be wise to short this area with a tight stop above the first sign of weakness at 57653$. If a break above happens you can trade a long position that does not exceed the previous all time high. Personally if I took a long position here i would take profit near the top of the Automatic Rally around 63.5K. The bearish bias has been confirmed so be careful and dont get too greedy with your sell targets. Thank you