I'm seeing a clear Wyckoff distribution pattern emerging at the moment. I've depicted this on the 2h as it shows the key events and phases of the distribution of Wychoff the clearest.
We have had a trading range formed between 43k and 48k, and one final upthrust after distribution (UTAD) occur above the trading range to trap late longers and to provide liquidity for the big players selling.
We will see a lot of volatility over the next two weeks as over leveraged traders are torched by the big players.
In my opinion, this will form part of a re-accumulation process before we push higher at the start of March. I've drawn one last liquidity grab in, below the breaker block formed by the smashing of the supply block created on the previous significant bullish push that culminated at 42k. We will push back up into the order block, before testing the bottom and forming an inverse head and shoulders, setting us up for a face melting monthly open.
We have had a trading range formed between 43k and 48k, and one final upthrust after distribution (UTAD) occur above the trading range to trap late longers and to provide liquidity for the big players selling.
We will see a lot of volatility over the next two weeks as over leveraged traders are torched by the big players.
In my opinion, this will form part of a re-accumulation process before we push higher at the start of March. I've drawn one last liquidity grab in, below the breaker block formed by the smashing of the supply block created on the previous significant bullish push that culminated at 42k. We will push back up into the order block, before testing the bottom and forming an inverse head and shoulders, setting us up for a face melting monthly open.
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