Bitcoin is down again with a bear sentiment, 42K - 43k which seems to be an opportunity for support on the weekly timeframe has been lost seeing the candlestick below the zone. There is less than 48hours to see how the weekly timeframe would playout and also, as indicated on the chart, we can see a bear flag pattern which has just made a retest on the flag's support zone which infers the continuation of the downtrend. This could be the inception of the second phase of bear season, eschew hastiness and try to do as much as possible research before taking stakes. Your likes and opinions would be much appreciated, you can follow up for more helpful contents and do follow my comment sections too for quick updates.
@theresedoyle2011, Long story short, I'm on the fence right now waiting for something to give weight to one way or another. I find Wyckoff fascinating though and we definitely had accumulation, we have had all these springs, basically pump & dumps for months.
theresedoyle2011
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@theresedoyle2011, Usually it is distribution(we had after the 67-69k), mark down, Accumulation, Mark Up. There are reaccumulation & redistributions but as I said, it's one box which stemmed from that neckline break. The rest playing out as expected.
theresedoyle2011
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@theresedoyle2011, Last point, watch out for the DXY making a retrace of it's w pattern. I think that's when we will see what #Btc will do.
@theresedoyle2011, yeah that seems to be a likely insight too. Despite the odds in the market sentiment, bitcoin still tried to make it up to 42k but unfortunately it's down again to the critical level.