The distributional elements of BTC are evident
* Classic 3 wave push followed by significant weakness.
* Poor rally into LPSY with no continuation; unable to break previous resistance
* Current price action is showing a serious lack of any demand. Look at the first box compared to where we are now - no upwards push.
* Volume spikes throughout range with increased volatility.
A test to $52000 is possible but I think we are going to around $40000 and possibly lower.
Personally I started scaling out of my alt and BTC positions around $57000 and the inability of price to move upwards(LPSY). This was a real change than anything previously.
Will be interesting this coming weeks. Personally looking at Gold and SIlver at the moment for longs.
For anyone interested here is my Weekly Silver Chart with targets and ID of long term accumulation
Also, my gold chart and healthy break plus BUA
* Classic 3 wave push followed by significant weakness.
* Poor rally into LPSY with no continuation; unable to break previous resistance
* Current price action is showing a serious lack of any demand. Look at the first box compared to where we are now - no upwards push.
* Volume spikes throughout range with increased volatility.
A test to $52000 is possible but I think we are going to around $40000 and possibly lower.
Personally I started scaling out of my alt and BTC positions around $57000 and the inability of price to move upwards(LPSY). This was a real change than anything previously.
Will be interesting this coming weeks. Personally looking at Gold and SIlver at the moment for longs.
For anyone interested here is my Weekly Silver Chart with targets and ID of long term accumulation
Also, my gold chart and healthy break plus BUA