I AM AN AMATEUR SO IGNORE THIS CHART PLS.
MOST PEOPLE THINK WE ARE IN ACCUMULATION HOWEVER LOW VOLUME AND FAILED HH AND RELATIVELY STRONGER DUMPS THAN PUMPS INDICATE THIS IS A REDISTRIBUTION AND WE WILL LEAVE THE 30-40 RANGE SOON AND WILL REDISTRIBUTE BTW 20S AND 30S.
I AM NOT AN EXPERT. JUST PRACTICING AND NOTING FOR FUTURE MYSELF TO CHECK.
MOST PEOPLE THINK WE ARE IN ACCUMULATION HOWEVER LOW VOLUME AND FAILED HH AND RELATIVELY STRONGER DUMPS THAN PUMPS INDICATE THIS IS A REDISTRIBUTION AND WE WILL LEAVE THE 30-40 RANGE SOON AND WILL REDISTRIBUTE BTW 20S AND 30S.
I AM NOT AN EXPERT. JUST PRACTICING AND NOTING FOR FUTURE MYSELF TO CHECK.
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Sellers look stronger and more stubborn than buyers. Odds of redistribution is higher than accumulation
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for the confusion, I do not say this is a good shorting opportunity since we are in the trading range. I say this does not look like accumulation to me.
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The spring is actually SOW since it should have had a high demand rally but it did not. Springs often cause a big impulsive move to the upper trading range in accumulation, but here we had a weak rally for 15 days. Things can change but this is very high probably a redistribution and we will have another leg down.
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More confident of the redistribution. But still it should break down 30k to be sure.
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Supply trendline works like hell and people calling technical analysis and these method is stupid. Anybody who knew about wykcoff has been shorting each supply trend line test and made hell of a money. Over.
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Late shorters , were bullish just a few days ago, who thought yesterday that " oh 30k support is broken I will short here, I am a GENIUS!!" people will be wiped out with the latest pump action. This green movement will stop when they are liquaidated and/or long again. Probably at most 32.5k - 33k . Still Supply trendline shows 31500 is the turning point but I think we will have a fakeout considering Elon Mush charlatan will make some pumping talk tonight in his crypto debate.
