Bitcoin is currently going through a distribution phase according to the Wyckoff model.
📉 As soon as we break out of this range to the downside, I expect a sharp move lower toward the green zone.
The longer price remains inside this range, the more confident I become in my scenario of another leg down.
🧠 In my view, it’s still too early to look for LONG entries.
By the second half of October, we’ll see whether the market is finally ready for buying opportunities. For now, I’m working primarily from the SHORT side.
⚠️ Not financial advice. This is my personal opinion. Manage your risk.
For Ethereum, I’ve marked the zone where I’ll be looking to buy for the long term, provided we get confirmation of a LONG setup on the daily timeframe after a retest of this zone.
⚠️ Not financial advice. Manage your risk, and have a great and productive week!
At the moment, the weekly timeframe is still filling the price gap.
📈 For the bullish scenario to continue, we need the current weekly candle to close above 73,700.
If the week closes above this level, the next LONG targets will be around 80,000, where we have a significant resistance zone. I don’t expect Bitcoin to break through this level immediately — we would need to see a clear weekly structure break first.
⚠️ However, if this move is simply a fill of an inefficient price area and the current weekly candle closes below 73,700, then I expect a downside move toward 65,000 at minimum.
🎯 I’m not going to guess where the market will go. I’ll trade based on the actual market structure and price action as the situation develops.