On this chart you can see major signs of a sell off if you are using the Wyckoff Distribution method. In fact if you pull up BTC in 2021 at its all time high you will see that the chart is IDENTICAL. Listed are the descending lines of supply and the final Buy up line that will complete the rest of the demand the market has to offer. With confluence of the Fed meeting next week, we also see a huge volume divergence where the price has marked up drastically but there has been a mojor decline in volume; this indicates that there are fewer buyers jumping into calls at higher prices (in other words retail traders). Look for US30 to drop well to the previous local bottom and maybe even to pandemic lows.
הערה:
So far this chart mark up has played out nicely. We can see the initial drop to capture the rest of the demand at 33290. We are now buying up to the supply line. I will be adding to my position at the drawn resistance levels. Not financial advice.
הערה:
All short positions still valid for price under 34k