but the second scenario is that we have printed a SOW (sign of weakness) and now we are at last point of supply, which means that lower levels are ahead.
I know that might not be the best news for many of us, but we should stay balanced and look for both options, as if you dont pay attention to the worst option you might get wiped out.
As for my own personal opinion, I believe the chart looks more like its redistribution rather that accumulation, I say this because we had an clear UT that rejected badly to 29k area, yes it didnt close below 30k but thats more a sign of weakness to me rather a spring . before this week we had some good news but i think they came at the worst time possible, and now they are forgotten like El Salvador news, so they didnt effect the market as they would have if came at a better time. I dont want to sound but I believe there are many strong resistants up ahead that each of them can reject BTC hardly.
right now Id rather monitor the price action closely to see how candles get printed and then I will plan my entry according to that. thats the best strategy for now at least for mid-term cause that would reduce my risk to minimum, cause the price action in the 30/40k range so far have been haunting everyone’s SL.
Anyway let’s wait and see what happens and know that if you are using wyckoff as your main strategy, you always wait for confirmation and you make all of your money and profits in between, you dont buy the low, you dont sell the high.
Trade safe and practice risk management all the times.
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