BTCUSD: Casual Discussion of Current Price Action Part 1

Hi Everyone! Wanting to provide an update to remind everyone what we are looking for in regard to Wyckoff Method 2.0. We still have considerable downward pressure ongoing in the Mid Term Group. Could we get a brief reprieve of downward pressure and come back up with an "Up-Thrust / Last Point of Supply" event in Phase E of Distribution? It's very possible; in light of the Red RSI and Blue LSMA being below Level 50 in the "ENTIRE" Mid Term Group of time frames. However, let's NOT assume we "must" see an "Up-Thrust / Last Point of Supply" event in Phase E before going down with another "Sign of Weakness" in Phase E. It's possible to simply have multiple small "Last Point of Supply" events before potentially falling down with another "Sign of Weakness" in Phase E again if we are still in Distribution.

I'll work on another video (Part 2) in a few minutes covering the indicators a bit more to provide a bit more clarity.

Happy Trading and Stay Awesome!

David

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UPDATE:

Present Day Distribution Schematic:

2014 Distribution Schematic:

Present Day Long Term Distribution Schematic:

Entire History of Bitcoin Using Wyckoff Method (No detailed events within phases):

Long Term Group:

Mid Term Group:

Near Term Group:

Short Term Group:

Immediate Group:

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UPDATE:

BTCUSD: Casual Discussion of Current Price Action Part 2

17:07