There’s little buying enthusiasm in this final upward thrust as the price nears a key resistance zone—the so-called ‘ice’ that acts as a barrier. The automatic reaction, a classic Wyckoff response, appears to have been exhausted, as evidenced by the struggle to break into the established trading range around the 90K level. A subsequent test of the 76K support zone is now anticipated. From a Wyckoff perspective, continued accumulation on the upside would ideally be accompanied by reduced volume near 76K, signaling that smart money is quietly building positions. Otherwise, we might be entering the mark down stages of distribution, where the strong hands have already offloaded, potentially heralding the start of a bear market.”
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Bitcoin update! for PEPPERSTONE:BTCUSD by CryptoEnchanted — TradingView
There’s little buying enthusiasm in this final upward thrust as the price nears a key resistance zone—the so-called 'ice' that acts as a barrier. The automatic reaction, a classic Wyckoff response, appears to have been exhausted, as evidenced by the struggle to break into the established trading range around the 90K level. A subsequent test…
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