Wyckoff distribution happening right now for BTC
We might have just one more opportunity to dispose of longs in the next few days before BTC takes the downward direction.
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Comment: The Idea will be invalidated if BTC drops directly below AR line ~$44k without retesting $50k or if the next peak up doesn't break through the new support at ~$50K
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We're still good on the pattern since we just had a bounce off and didn't fall through the BC line. We might be onto the climb to the UTAD Test
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Forgot to mention that in Wyckoff Distribution Schematic #2 UTAD Test is not a required step and instead we can hover for a while in between the AR and BC lines until eventually the support is broken.
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So far the pattern repeats perfectly. Looking for one last pump to $50 $52K before we move to Phase D
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We're entering Phase C. UTAD Test, the highest point for this distribution. Dispose of assets appropriately
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Phace C is ending today. The Wyckoff distribution pattern suggests that there's gonna be some more chopping in the range between BC and AR before a drop to the low $40Ks
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The Idea still stands. I believe the UTAD Test was a bit later than expected, but we have now peaked the highs of the structure.
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With the massive drop, increase in volatility & volume, the peak confirmation is almost complete. If we have a second failed thrust to $52k the peak will be confirmed.
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Wyckoff distribution confirmed... Selling climax and capitulation are in sight.