#BTC    Wyckoff formation

While everyone loves to post schematics to get a lot of likes, most of those people are committing a fatal mistake where they assume it is Phase B, and they then draw what they say will now happen in Phase C, D, & E

It's hard enough to predict the next move, let alone the next three moves, so this causes BIAS, and having a BIAS often leads to significant losses. Our TA should only be used to help us find EDGE in what will happen next.

Moreover, we should also realize that many accumulations are failed distributions and many distributions are failed accumulations. The point is that what will happen IS NOT ALREADY WRITTEN.

Once we establish that we understand and respect all that as the far more essential realities for our trading, then I don't mind telling you that my current lean is that we are likely to see a reaccumulation that shows some level of a sign of weakness and then provides a Spring to reverse course such as this chart displays.

If that is the case, we might be entering that sign of weakness phase that breaks some structure and then springs now, or we may hold support only to test it again later (possibly on some news).