Trade Update

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Subject: Trade Update

Update for June 29, 2021

Hello Friend,

It's been a harrowing couple of weeks watching Bitcoin. Traders have been bracing for the possibility of support collapsing and the downtrend taking another leg down.

You can see below that the support level of around $30,000 was being tested at least twice depending on which time frame you are looking at. Price action was following the Wyckoff distribution model (see below). almost to the 'T' and had support broken, then $24,000 was the next level of support to look at which would have caused panic in the markets. Thankfully, it didn't happen.

The upside resistance level was around $35,000. We needed to see this level penetrated, have the market come back and test that level as the new support, and then resume upwards in order to get confirmation that the downtrand is reversing, at least temporarily.

Below (screenshot taken this morning) you can see that price did penetrate resistance. It came back to test that level and was rejected. The new support line was then established. It then resumed the upward price movement. Everyone in the market is breathing a sigh of relief as the bulls seem to be in control now.

If you are following the markets and/or would like to sit in on a very good technical analysis session to see the micro and macro outlooks, this session was from last Friday while everyone was sitting on pins and needles. https://youtu.be/BmcrcESjPNs

Below is the Wyckoff Distribution Model which the BTC price action was following picture perfect until today. We were in Phase D and thankfully Phase E looks to be unfulfilled as we are headed the other direction now.

So that's all for now. I hope that answers some questions for you.

Have a great week!

PCF World Mission LLC, Apdo. 858-1260, 1260, San Jose, Costa Rica

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Subject: Trade Update