BTC: Time to buy soon...Watch for Key Levels (Part 2)

30 Mei 2021

BTC is breaking hearts and crushing dreams lately along with the entire market. If we are looking at a Wyckoff style distribution, the pain might not be over just yet. I am no expert on Wyckoff pattern and it can be a very long and drawn out ordeal. Until some key levels are broken, the distribution pattern can continue. I am looking at the downside potential on this post. I will post another one with some hopium. For now, the closest fractal we have experienced with Wyckoff distribution was from June 2019 to March 2020. I am not suggesting this scenario will play out for sure, and chances are we have already seen the worst of it; but these key levels need to be watched closely. I am choosing a line chart to keep the wicks out of it. This pattern will be invalidated if price can break over the last lower high; which is still at 58k. This is on a weekly scale, so it can take a while to play out and will provide plenty of signals to get on the right side of the market even if we make a mistake. I am still bullish on the long term, but for the next 4 to 6 months the market is looking to inflict some pain. The best thing we can hope for is for the price to get sideways and not do anything for a while. Let's see how it plays out. Good luck out there!