BTCUSD Accumulation Idea

Here is an idea based on a Wyckoff Accumulation schematic. It would show that we are already out of distribution and in an accumulation phase.

Note

Here is an update to the original chart that was posted. In the bullish case, the original support test could have actually been the spring. The current price levels are serving as a zone of supply. Diminishing volume tells us that a move to a new zone of supply is needed. There is support around $8,100-$8,200. That area could potentially serve as another spring if price were to fall. Our move into the double Ichimoku cloud and above the 50 MA, the 50 EMA, and the 200 EMA are signs of strength that could indicate that an upward move is coming.

Note

It's possible that we could still spring up from a lower low. It would be good to see a high-volume sell off right before the spring.

Note

mtlgemini

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

mtlgemini