Hi all,
In my previous analysis, secondary test occurred way above selling climax which was bugging me, now with the 15 months long term uptrend has broken and price is leaning towards $30k, i believe secondary test will actually happen now.
So i've moved the secondary test event by 5 days. Note that this is the break of 15 months long uptrend, hence the secondary test took more than i expected.
Next, I expect a bounce, following a rally towards $40-$45k next as per wyckoff events and step in to phase b of building a cause. There will be a secondary test in this phase, but it will be lower than the upcoming one in phase A according to wyckoff schematics.
I believe $30k will hold, but i can be wrong. Therefore, don't rush for a long trade now, or be very cautious as we are in a bearish trend now.
There's also a bearish flag formation here which suggests longer down trend towards $20k.
So, never fire all your bullets on one trade.
As always, stay safe.
In my previous analysis, secondary test occurred way above selling climax which was bugging me, now with the 15 months long term uptrend has broken and price is leaning towards $30k, i believe secondary test will actually happen now.
So i've moved the secondary test event by 5 days. Note that this is the break of 15 months long uptrend, hence the secondary test took more than i expected.
Next, I expect a bounce, following a rally towards $40-$45k next as per wyckoff events and step in to phase b of building a cause. There will be a secondary test in this phase, but it will be lower than the upcoming one in phase A according to wyckoff schematics.
I believe $30k will hold, but i can be wrong. Therefore, don't rush for a long trade now, or be very cautious as we are in a bearish trend now.
There's also a bearish flag formation here which suggests longer down trend towards $20k.
So, never fire all your bullets on one trade.
As always, stay safe.
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Update: Upthrust Event In The Making
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If you are following this pattern, i'd like to warn you that accumulation is likely to invalidate and it can turn in to redistribution. Checkout my newer analysis.
