Continuation Wyckoff Distribution on Bitcoin 1H

As showed in the post of yesterday, Bitcoin created the beginning of a Wyckoff distribution. Bitcoin dipped a little below the second wave target, however, finding support on the 21MA of the 3h chart.

Overnight it followed up on the 3rd wave of elliot with a 4hour consolidation around the .618 fibonacci retracement. Waiting for the small pullback to confirm the support on the .618 and then continuing to the top resistance at 42,300.

Kommentar:

The first resistance line of the Wyckoff model (~40,500) is supported by the 200 Daily Moving Average in combination with the 2.272 fibonacci extension from the high of dec 2017 to the low of dec 2018.
A break of both these levels would likely result into a rapid increase and a test of the second resistance level of Wyckoff at ~42,300.