BTC trend prediction - A Wyckoff analysis
Updated
In the continuity of my previous analyses for BTC on 05th July and 21st July, I would like to add a further view of BTC in the next two weeks.
This time, the analysis is based on the Wyckoff method.
On 12h time-frame, it is likely that the Accumulation Structure No. 2 has been formed. BTC prices now are out of the accumulation range (in Phase D) and seem to be ready to go higher (in Phase E).
To do this, BTC needs to break the resistance area of $25000-$25500. In the BTC chart of 21st July, it is the closest trendline.
With the good recovery of stock markets, we can expect that BTC will follow and come back to the $30000 levels, at the end of August/in early September.
This time, the analysis is based on the Wyckoff method.
On 12h time-frame, it is likely that the Accumulation Structure No. 2 has been formed. BTC prices now are out of the accumulation range (in Phase D) and seem to be ready to go higher (in Phase E).
To do this, BTC needs to break the resistance area of $25000-$25500. In the BTC chart of 21st July, it is the closest trendline.
With the good recovery of stock markets, we can expect that BTC will follow and come back to the $30000 levels, at the end of August/in early September.
Trade closed manually
This Wyckoff pattern was invalidated. BTC prices had come back to the consolidation region.
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