Wyckoff Structures Shown On Daily BTC Chart
Updated
Arrows indicate Spring actions on January's re-accumulation and February's accumulation after decline. Currently in our re-accumulation we have perhaps been just subjected to a "terminal shake out" which saw us drop down to $50400 and a wick down on the daily into our old trading range.
We have managed to rally up and break our local trend line, if we keep this up we could be seeing our SOS (Sign of strength) before making a mark up.
Its just an idea we need more confirmations yet but so far the scenario looks very strong.
Long positions built in the terminal shake out stage are now in a very strong and profitable position even if BTC fails to break out of its range fully and enter the SOS stage.
We have managed to rally up and break our local trend line, if we keep this up we could be seeing our SOS (Sign of strength) before making a mark up.
Its just an idea we need more confirmations yet but so far the scenario looks very strong.
Long positions built in the terminal shake out stage are now in a very strong and profitable position even if BTC fails to break out of its range fully and enter the SOS stage.
Note
After the recent liquidity event (shake out) inside the range we have just put in a really good demand bar on the daily that saw us break out of the range.Demand volume strong, supply diminishing. Forming smaller timeframe consolidation pattern finding support along the way.
An "ordinary shakeout" is still possible that may come as a BU/LPS on top of the old trading range at around 62.3K. Aggressive demand here with lots of absorption will be confirmation of continuation.
However we could start a slow grind up into price discovery...Lets see how the markets react to Coinbase's IPO listing...
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