Something to consider before fomo buying the current bullish sentiment
Please google the actual Wyckoff distribution schematic if not familiar with this.
Buying climax was the 42K top
Automatic Reaction buy being the 31K temporary bottom
Secondary test being the 39.5K top
Sign of weakness in Phase B being the double test of the 29.5K area
It is possible the current area is Upthrust from the SOW of 29.5K heading into 40K again
I am short considering the above picture, and that we are in a TD 9 on the 4 hourly, 12 hourly and prior TD 9 on the daily.
And also given high interest rates on bitmex/bybit at around 0.1% per 8 hours, and high Bitmex premium index I'm betting a downwards movement.
Just my opinion and my style of trading. This thing could also just go straight up proving all bears wrong.
Please google the actual Wyckoff distribution schematic if not familiar with this.
Buying climax was the 42K top
Automatic Reaction buy being the 31K temporary bottom
Secondary test being the 39.5K top
Sign of weakness in Phase B being the double test of the 29.5K area
It is possible the current area is Upthrust from the SOW of 29.5K heading into 40K again
I am short considering the above picture, and that we are in a TD 9 on the 4 hourly, 12 hourly and prior TD 9 on the daily.
And also given high interest rates on bitmex/bybit at around 0.1% per 8 hours, and high Bitmex premium index I'm betting a downwards movement.
Just my opinion and my style of trading. This thing could also just go straight up proving all bears wrong.