BTC Wyckoff Distribution

16 окт. 2017 г.

BTC has now reached the 2.618 extension of wave 1, and is showing bearish RSI divergence on the 4 hour.
These two factors make Wyckoff distribution cycle which is currently setting up more probable.

If the lows of 5450 break, Bitcoin will likely continue downwards toward 5000, for a .384 retracement retrace of Wave iii.
This is a swing trade, which is more or less set and forget. If entering in this range, AL should be set no lower than 5877. The safest bet would be shorting a break of 5450.

tp1: 5300
tp2: 5000

Happy trading!