Stock to flow showed the bottom was 3800 which was as far as price was able to go. The recent secondary test was only able to come to 4900 and produced much smaller volume so I think this is almost definitely bullish accumulation and not bearish redistribution.
However I'm sure the bears are going to try to sell it as low as they can get it with people thinking it's going to zero. It was probably the miners who showed they're not going to let that happen by just not instaselling what they're mining.
The range on this accumulation zone is enormous. 6400 down to 3800 is about a 65% price differential. That is a lot of price discovery to fill in so I expect it to be a wild ride especially with the halving coming up which will produce a price magnet that pulls BTC up toward $87k.
I am looking for springs that test down to 4400 and maybe even 3800. I'll mainly be looking to buy failures of these springs. Until it tests those prices I'll be treating this as a two way trading zone and scalp long and short in intraday trades.
However I'm sure the bears are going to try to sell it as low as they can get it with people thinking it's going to zero. It was probably the miners who showed they're not going to let that happen by just not instaselling what they're mining.
The range on this accumulation zone is enormous. 6400 down to 3800 is about a 65% price differential. That is a lot of price discovery to fill in so I expect it to be a wild ride especially with the halving coming up which will produce a price magnet that pulls BTC up toward $87k.
I am looking for springs that test down to 4400 and maybe even 3800. I'll mainly be looking to buy failures of these springs. Until it tests those prices I'll be treating this as a two way trading zone and scalp long and short in intraday trades.
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Looking like there might be a rolling support line that would give an area to look for longs at 5k
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Watching to see if this fills in as a triangle
