Continuation Wyckoff Distribution on Bitcoin 1H is the low soon?

2021年5月28日

As we can see the Wyckoff schematic still holds correctly, after getting rejected on the .618 (the second pink circle) last night we are currently testing the support of the .618 fibonacci retracement of the first wave (may 23rd to may 24th). This in combination with the support that was created by the low on 25th of May. If the support holds we could expect an increase towards the 0.786 retracement as a fourth wave.

The current price of today is also testing the 1.272 fib trend extension. When this holds as support it will create another indication that the price is more likely to increase before we are going to see another low.

2021年5月28日

註釋

It looks like the support on 37k has broken, I'm now watching the 1.618 at 35.4k and the 0.382 at 35.1k to give any indication for a reversal. If not we could expect to go lower than 34

2021年5月28日

註釋

It seems that the breakdown of the rising wedge is still into play, the low reflects the low of Spring in Phase C as well

2021年5月28日

註釋

I adjusted the fib retracement of the 5th wave to its actual length, the low touched the 1.618 extension perfectly and after this increased to the 0.5 fib of the first wave. Waiting for a close above this level, when this happens it indicates a trend switch and we could see some more upside today.

2021年5月28日

註釋

Perfect hit of the 0.382 Fib retracement of the first wave. A reclaim of the 37k would indicate a move further upwards. Here we would also come across the golden pocket .618-.66, when we break this a move to above the 38k is like. However when this happens it is less likely that Spring in Phase C is going to happen and that we will switch to a more flat trading range.