BTC Potential Redistribution, Rough Plan
Bitcoin is looking like the floating version of the above Head & Shoulders Top/ Distribution so got a small hedge short ongoing at the moment to protect the account incase of violent sell off.
If we can get back above and bounce off the upper resistance I'm probably wrong here and bulls are in control, but until that happens it looks like failure to get back above this Diagonal Trading Range and weakness of buyers.
Confirmation of Redistribution only if we lose support, followed by clear LPSY rejection (Last Point of Supply).
See below idea for another example of Redistribution on BTC.
If we can get back above and bounce off the upper resistance I'm probably wrong here and bulls are in control, but until that happens it looks like failure to get back above this Diagonal Trading Range and weakness of buyers.
Confirmation of Redistribution only if we lose support, followed by clear LPSY rejection (Last Point of Supply).
See below idea for another example of Redistribution on BTC.
