Finally, after 100 days of consolidation we end up breaking down the range, but I don't believe at all we are at the start of a bearish trend, as I have already readed in many tradingview and twitter ideas.
A market reverse does not leave behind all those highs without retesting them as an upthrust, trying to shake out as much shorters as possible, that's not a distributive Wyckoff pattern, but much more likely, an accumulative structure with a deep shakeout before moving up, and where we are right now. So following my main scenario, I have already spotbought at 8250$, and I will continue buying till 7.4k$, that should be a nice last dip for a spring before moving up.
Good luck
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Waiting for the ride of those lows til 7.2-7k area. Once we get there, price needs to be able to recover the range as a clear sign of a bearish failure.
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No spring happened sweeping the lows and trapping some late short, but still a valid acumulation pattern
pbs.twimg.com/m...EGVjhwpXoAAQeTp?format=jpg...
pbs.twimg.com/m...EGVjhwpXoAAQeTp?format=jpg...
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Just as a puntualitation, my main scenario still is a sweep of those lows at 7k, it would surprise me a lot to see a bullish trend respecting those lows at 7.2-7k area, with all that liquidity resting below.
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High range should hold at the retest, if price goes inside the range again, I think a sweep of the lows and 7.2k area is next.
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