Bitcoin in Wyckoff Accumulation?

Updated

Considering the number of fake outs that had occurred in both directions with no proper follow through.

See this youtube vid by uncomplication, who noticed the Wyckoff Distribution pattern being formed before the follow up dump down below 50k USD:
youtube.com/watch?v=Lhf_2gJJS1I

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Multiple bullish signs establishing on the lower hourly timeframe:

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Bullish thickening Ichicloud catching up to the 200 SMA where BTC now broken up above again and found support.
50 SMA crossing above the 200 SMA.
Possible short continuation upwards, carried by the bullish momentum, for the day at least.

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Clarification (cut and paste from my response in the comments):

I'm not really bullish (short-mid term) until BTC hits above ~42k USD with clear confirmation of support.
There was no mention of going in heavy here at all. But just gotta consider different scenarios, and continue to monitor the chart IMO.

The fact of volume dwindling down as BTC consolidates towards and beyond the end of the sym triangle suggest that perhaps a significant move is imminent to me.

Also, the vast majority are eyeing 20k USD or below (16-18k USD) now.. will it consequently hit those expected price range to allow everyone a second chance to buy BTC at those prices again? I'm not too sure.

The recent fakeout suggests bears needs to start being more cautious here as well, IMO.

BTC could even bounce back up to 50k USD first before come crushing back down again -- gonna just play it level by level for now.
The wider range the prediction, the larger the uncertainties in my view.

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Revisiting an old bearish worse-case scenario of mine at this pivotal junction:

BTC TO TEST THE $0 SUPPORT LEVEL! .. AND FAIL!!!!!!!!!!!!!111one

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RSI and Stoch(RSI) regular bullish divergence on the daily.

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MACD indicators bullish on the daily.

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Putting in the MA lines.
Red = 21 EMA
Green = 50 SMA
Thick Orange = 200 SMA
Thin Orange = 200 VWMA

NOTE:

BTC needs to at least break above the 21 daily EMA for this scenario/idea proposed to become more plausible.

A break below 31k USD (setting a lower low on the daily) would invalidate this idea.

cybernetwork

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