Previously, I’ve demonstrated stepping-stone descending horizontal Wyckoff re-distribution trading ranges for BTC . The fact that the BTC price action broke the trading range support to the downside for a sustained period of time supports the notion of a re-distribution trading range. I opened a short position near the trading range support ($41,313). Since then, my first target of $37,400 has been hit. Based on an analysis of the Phoenix Ascending (PA) indicators (bottom panel), I expect an upthrust toward the trading range support followed by downward price movement.

Short position open: $41,313
Take profit target #1: $37,400
Profit/Loss (%): 9.44

Significant bars, which help define important areas of support and resistance , are given by the blue shading. The blue arrows point to volume spikes.

Wyckoff abbreviations: automatic rally ( ARa ), buying climax ( BC ), selling climax ( SC ), secondary test (ST), upthrust (UT), failed upthrust (FUT), last point of supply (LPSY), shakeout (SO), sign of weakness (SO), Phase A ( Ph A), Phase B ( Ph B), Phase C ( Ph C), Phase D ( Ph D), Phase E ( Ph E).