When the wyckoff phases A through C are added to the 1 hour time frame this pattern resembles a falling wedge to me.
Also From the chart pattern it also appears BTC can currently be in a local 'Phase C' .
Whats the 'Phase C' business ?
========================
Phase C in the Wyckoff methodology is where price can attempt to move upwards and break out of the top of the range.
In this case my thought is If BTC manages to break out of the area labelled "Descending wedge top edge" , there could be a short-term opportunity to move to the 23750 area or even higher.
Whats the Caveat ?
=====================
The caveat is ** Wait For Confirmation ** before entering this trade as BTC can also just drop lower from its current location.
Confirmation to enter the trade will be by BTC moving out the side labelled "Descending wedge top edge"
What about stop loss ?
===================
To protect liquidity if entering this play, stop should be set at 21900."
Thanks and Good luck !
Also From the chart pattern it also appears BTC can currently be in a local 'Phase C' .
Whats the 'Phase C' business ?
========================
Phase C in the Wyckoff methodology is where price can attempt to move upwards and break out of the top of the range.
In this case my thought is If BTC manages to break out of the area labelled "Descending wedge top edge" , there could be a short-term opportunity to move to the 23750 area or even higher.
Whats the Caveat ?
=====================
The caveat is ** Wait For Confirmation ** before entering this trade as BTC can also just drop lower from its current location.
Confirmation to enter the trade will be by BTC moving out the side labelled "Descending wedge top edge"
What about stop loss ?
===================
To protect liquidity if entering this play, stop should be set at 21900."
Thanks and Good luck !