As with many ETF's such as Gold, price dropped over the coming weeks and eventually made new highs.
Bulls are looking to buy in the 30's, but we havent taken 24k/25k liquidity yet. As you can see, there is a lot in the mid-high 20's!!
Just like at 22.8k in 2022, price dropped approximately 110% of the low, meaning if the same thing occurs we shall get 22.6k-23k.
This is usually the case in such Redistribution outcomes.
Lots of buyers at 21.3k anticipating a Wyckoff Accumulation Spring, unlikely to get filled. This may be good liquidity for a dump in Q4 or next year.
So we have this middle ground for a good bounce towards 35k.
Don't expect a break of 15k just yet, if we are in a Distribution scenario, they will want more buyers after a dip, and a Summer rally for fresh liquidity.
Smart Buyers start coming in at 23.5k, so it may not go too much lower.
Bulls are looking to buy in the 30's, but we havent taken 24k/25k liquidity yet. As you can see, there is a lot in the mid-high 20's!!
Just like at 22.8k in 2022, price dropped approximately 110% of the low, meaning if the same thing occurs we shall get 22.6k-23k.
This is usually the case in such Redistribution outcomes.
Lots of buyers at 21.3k anticipating a Wyckoff Accumulation Spring, unlikely to get filled. This may be good liquidity for a dump in Q4 or next year.
So we have this middle ground for a good bounce towards 35k.
Don't expect a break of 15k just yet, if we are in a Distribution scenario, they will want more buyers after a dip, and a Summer rally for fresh liquidity.
Smart Buyers start coming in at 23.5k, so it may not go too much lower.