Expected Scenario for the Cryptocurrency Market
Note: This is just personal speculation, take what benefits you and leave what harms you, and you are not obligated to follow it.
Current situation for Bitcoin:
Bitcoin shows signs of a distribution pattern according to Wyckoff.
Double tops have formed.
PSY (Preliminary Supply) has appeared as an initial selling pressure.
Followed by Buying Climax.
Then AR (Automatic Reaction).
After that ST (Secondary Test).
And finally, a sign of weakness (SOW) has appeared.
So far, the chart is leaning towards distribution.
Expectation:
Bitcoin will continue to rise and fall within the range.
It may rise to 120k – 123k to form patterns that look positive, aiming to convince people to continue the upward trend.
A level of 130k is possible, but not guaranteed, and it may be part of completing the distribution pattern (UTAD) to suspend buyers.
Upward and downward movements may allow other coins to move, possibly (bull run).
Expected Timeframe:
This scenario may develop over the next three months.
Important Notes:
During the accumulation phase, news is often negative.
During the distribution phase, news is often positive, which we are currently observing.
Caution is required, and any upcoming rise may be an opportunity for smart exits from some coins.
There is a high probability of a peak at 130k to complete the technical pattern, and these areas often attract attention and comments because they are clear on the chart.
Summary:
Close monitoring is now more important than ever, as markets may fluctuate significantly during distribution.
If the analysis fails, that would be good, because we want the market to continue rising.
And if it doesn't fail, the intent of the post is not to scare but to alert caution.
This post is not financial advice.
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