Bitcoin Entering Phase D
Updated
BTC saw a nice pump today and continued to follow its Wyckoff Accumulation pattern. It finally broke out of its Falling Wedge and confirmed multiple 4 hour candles above it. It's moving up at the moment, but a back-test of the top of the Wedge would be healthy. We just don't want to see if break back into it - we want it to hold the top of the Wedge as support. If it does that, we might see an accelerated climb in the coming days. But it's already faked us out above that Wedge once before, so confirmation of that support line is key.
This entire Accumulation phase happens all the time. it's a manipulated move by Market-Movers to buy Bitcoin cheap after shaking out weak hands. When that's complete, the market moves on to the Markup phase and we go up.
This entire Accumulation phase happens all the time. it's a manipulated move by Market-Movers to buy Bitcoin cheap after shaking out weak hands. When that's complete, the market moves on to the Markup phase and we go up.
Note
Starting to see the pull-back to potentially back-test support at the top of the Wedge - at approximately 34.5K. As stated, it will be bullish if it holds that support, but in this manipulated market, if major movers have determined there is still too much in retail hands, it wouldn't surprise me to see a collapse back in the wedge to promote panic selling.I have Dollar Cost Averaged trades I entered at the breakout. I'm a long-term holder, but for these trades, I have break-even stop losses in place for risk management. If they get triggered and we tank lower, I'll re-enter at the much lower price.
I don't think they send the market lower, but volume in this move up is very low, so it's prudent to plan for any scenario.
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