I'm considering a new scenario following the breakdown of price below supportive structure. It's a scenario pattern that's undoubtedly familiar - everyone's favorite, the Wyckoff distribution trend.
Several elements support this structure are worth noting:
- The distribution phase is occurring just above the previous all-time high (ATH).
- This potential top is showing a monthly bearish divergence vs 2021 ATH.
While the structure of these patterns never perfectly aligns with Wyckoff's illustrations, they often follow key stages marked by significant swings in price. This scenario presents swings of around 25%
The scenario assumes that we've entered Phase B, moving towards the Sign of Weakness (SOW) below initial support (target price would be 59K range mid-April) before a move to the Upthrust (UT).
Best, Hard Forky
Several elements support this structure are worth noting:
- The distribution phase is occurring just above the previous all-time high (ATH).
- This potential top is showing a monthly bearish divergence vs 2021 ATH.
While the structure of these patterns never perfectly aligns with Wyckoff's illustrations, they often follow key stages marked by significant swings in price. This scenario presents swings of around 25%
The scenario assumes that we've entered Phase B, moving towards the Sign of Weakness (SOW) below initial support (target price would be 59K range mid-April) before a move to the Upthrust (UT).
Best, Hard Forky
Комментарий:
Monthly - just a point of interest
Комментарий:
bearflag forming
Комментарий:
Комментарий:
re-entry into the flag channel
Комментарий:
expecting move down
Комментарий:
the channel held, likely pivot from distribution structure
Комментарий:
support touch
Комментарий:
SOW hit
Комментарий:
Комментарий:
pullback
Комментарий:
stage target hit
Комментарий:
1st target
69K
Комментарий:
Updated Timelines :
