It’s been a while since I last shared an idea. Today, I want to talk about Bitcoin.
With all the uncertainty since Trump became president, I’m going to stay away from fundamentals for now. Instead, I’ll focus purely on the technical side—Wyckoff, chart patterns, and trend analysis.
1. Wyckoff (Weekly): I think we’re currently in a markdown phase following distribution.
2. Patterns: The last structure looked like a double top (a reversal signal), and right now it’s forming a potential bear flag, which could mean the downtrend continues.
3. Trendline: A key bullish trendline has already broken, which strengthens the case for a reversal.
Overall, I can’t deny there’s a strong chance we see more downside soon.
What’s next?
- I’m waiting for confirmation of a lower high, and I’ll take action from there.
- On the other hand, if Bitcoin shows strong signs of re-accumulation, I’m also ready to take the opposite trade.
With all the uncertainty since Trump became president, I’m going to stay away from fundamentals for now. Instead, I’ll focus purely on the technical side—Wyckoff, chart patterns, and trend analysis.
1. Wyckoff (Weekly): I think we’re currently in a markdown phase following distribution.
2. Patterns: The last structure looked like a double top (a reversal signal), and right now it’s forming a potential bear flag, which could mean the downtrend continues.
3. Trendline: A key bullish trendline has already broken, which strengthens the case for a reversal.
Overall, I can’t deny there’s a strong chance we see more downside soon.
What’s next?
- I’m waiting for confirmation of a lower high, and I’ll take action from there.
- On the other hand, if Bitcoin shows strong signs of re-accumulation, I’m also ready to take the opposite trade.
Note
A & B already done, next will we see price going to C?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.