BTC will retest the bear trendline?

2023年1月31日

BTC had broken the major trendline of the bear market starting from November 2021, at the third time touching this one (see screenshot below).

This clear breakout (at the 3rd time) would have risen a question on when the retest would happen.

Using Wyckoff method for short-term period (2H TF), it seem that distribution is happening, possibly. You can find more detail in chart.

Let wait and see if this scenario will play out.

For mid-term, as in my previous analysis, I think that BTC is in accumulation phase to head $30000 (please see below link).

2023年1月31日

註釋

It seems to be a distribution as analyzed.

2023年1月31日

註釋

It seems also there's a manipulation

2023年2月2日

註釋

The considered scenario didn't happen. FED raising rate of 0.25% support bullish buy.
In my opinion, distribution continues. Here below is what I have in mind: