Bitcoin / TetherUSShort
P&F Chart Eyeing Towards 14-16k
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Back in June 2nd i shared a P&F chart analysis when it printed a new reversal column.
Since then 12 days passed and nothing has changed on that chart, except today it printed another box down! It always amazes me how good p&f charts are at filtering noise. All the excitement, traps, zigs and zags and everything in between means nothing until price moves towards certain levels. In this case, price moved down below 32k. You may call it just a wick, but the p&f doesn't work that way, it never misses a weakness.
What does this tell us?
If we break below 31k, we will have a double bottom in p&f terms. This means a breakdown is in play. Last time we had this double bottom, was the return from the trading range resistance and gave us 6k drop, while still keeping us within the trading range.
This time though, the breakdown would take us BELOW the trading range and based on wyckoff horizontal count of JUST the last segment of 5 columns, would take us down towards 14-16k region!
Let it unfold.
Since then 12 days passed and nothing has changed on that chart, except today it printed another box down! It always amazes me how good p&f charts are at filtering noise. All the excitement, traps, zigs and zags and everything in between means nothing until price moves towards certain levels. In this case, price moved down below 32k. You may call it just a wick, but the p&f doesn't work that way, it never misses a weakness.
What does this tell us?
If we break below 31k, we will have a double bottom in p&f terms. This means a breakdown is in play. Last time we had this double bottom, was the return from the trading range resistance and gave us 6k drop, while still keeping us within the trading range.
This time though, the breakdown would take us BELOW the trading range and based on wyckoff horizontal count of JUST the last segment of 5 columns, would take us down towards 14-16k region!
Let it unfold.
Nota
Looks like 16k is playing out 
Nota
Double bottom pattern turned out to be short lived with the bounce from 30k and we have a new reversal bar to the upside. This means if this new bar does not take us to 90k, the next reversal to the downside can take us 21k below instead of 15k! Unless the redistribution is invalidated, this is only counting further with each reversal.Checkout my update on the weekly perspective for the current pump
Nota
Now, eyeing 100k. Point of No Return 
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