Good morning all….
Ok…So Bitcoin did the dirty and expanded the psy range. Now what is interesting is the big wick that remains in the 1hr time frame. When the psy ranges are wide it tells us there is no intention to “accumulate “ in that zone. The goal is to hit stops.
But notice how they have recovered the vectors since last weeks low!
What does this mean?
The basis of the potential W formation is now at the point of it being tested.
A break below 18800 will start seeing bitcoin move towards the remaining vectors on the weekly time frame, with no attempt back up, the pattern will be invalidated.
As it stands price is trying to retrace back up. Things may start to pick up around 3pm UK time. Then a stall in price till tonight.
A break below 17586 will start the aggressive move towards the remaining vectors on the weekly.
Of course anticipate price to retrace consolidate up and down but pay attention to the frequent hits higher but not gaining ground.
Will catch up with you later guys.
Mad love
T
