BTCUSD - Descending Triangle Confluence with fibs at 23k

Just as the title states, there is some good confluence around 23k with the measurement of the descending triangle, as well as with multiple fib sets. We haven't broken the descending triangle yet, so who knows what will happen.

Could we have a short squeeze before getting there? Absolutely!

This is the most convincing case that I've been able to come up with so far, and figured I'd share.

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We just had what appears to be a bear trap. I'm still pretty sure we eventually head down to 23-24k, but for now we shall see where this relief rally takes us.

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rejected again from the downtrend. I wouldn't be surprised to see them take it up, but down obviously is the bias here.

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another way to look at this is a bear pennant - and we just rejected from top trendline down to bottom trendline. Bias is obviously down.

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Sitting at the bottom of the Des Triangle - logic would say that since it failed at the resistance trendline that it looks pretty bleak for BTC here - but always be prepared for what the market makers may do instead, too.

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If you want to be bullish - you could say that we are now testing after spring in Wyckoff accumulation - at least that is where I'd think that we are at currently just glancing at it.

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5 rejections from a downtrend, and now a 5th test of support. By golly, I can't help but to be bearish. Wyckoff accumulation in the midst of a death cross and the bottom of a descending triangle as described above, after a big distribution top - kind of a hard sell for me. Its possible, but why would I bank a lot on it?

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If this holds - maybe they do play it out as Wyckoff accumulation. That would really be something.

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Short squeeze now - Dollar wakes up soon, kills rally, puts in true bottom for this phase.

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6th touch on the trendline - Does this play out as Wyckoff accumulation?

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I don't know that many are talking about this rising wedge that BTC is in right now.

Dawnchorus

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Dawnchorus