Hello, everyone!
Yesterday I told you that Bitcoin is doomed to fall below the $17k because of a lot of cascade of liquidity there. Today I noticed the critical point which can invalidate this scenario. I am 90% sure that the scenario with lower low will be, but I want you to be aware of potential changes and if you are super greedy bull, you can use the scenario introduced in this article.
Let’s take a look at the 4h timeframe of BTCUSDT chart of the Binance exchange. The price started it’s bearish move as I warned you in my previous articles. It formed the rounded top formation, but for those who aware with Wyckoff accumulation and distribution theory know that usually this formation means the distribution (like H&S pattern, it’s not the abstract patten which leads to drop without any cause, it’s the form of distribution). The key fractal level, which protected the uptrend was broken also.
The next strong support level which can stop this bearish trend located at $22100. The Fibonacci golden pocket and the upward trendline support, which is called the demand line by Wyckoff can be the huge problem for the downtrend. There I will increase the share of BTC and Altcoins in my portfolio according to the tradevesting approach, but I am ready for $16k per Bitcoin.
Good luck!
