#BTCUSD Wyckoff Accumulation Model Simplified!
Updated
This is my take on Wyckoff Accumulation Model.
Let me make it simple for you:-
By the time you are done reading this update, you'll understand what this model is about.
PHASE A :
PS (Preliminary Support): It's the first support after the Bull Trend which is broken and we see an extreme selling called Selling Climax (SC).
After Selling Climax what we see is an Automatic Reaction which is a bounce after the dump.
This dump is initiated by smart money but they are the ones buying at the same time when it gets to the low as it happened at 28k. While everyone is hoping for a pump we see a Secondary retest this Secondary Retest and the Automatic Reaction Levels make up the Trading range under which the price fluctuates for a long period showing the signs of accumulation. The Support and Resistance Levels make up the Trading Range.
PHASE B: Accumulation, Rejection, Bull and Bear Traps, Wicking but under the TR which is, in this case, 30k to 41k level.
PHASE C: This is where I think the current price is.
Before the beginning of a new bullish phase, we see a bear trap.
Called the Spring.
This is the most important aspect here that one must understand :
The spring is the last bear trap which makes people believe that the trend is over.
The question is whether the dump that happened on June 22nd, all the way to 28k was the spring or another new Low is coming up!
Well, I don't know. Too much fear in the market makes you think it's all done and we will start bouncing from here but who knows!!
It can make a new low as the last Bear Trap all the way to a 24k-25k level which will be very quick.
I want you to know that this model works even today.
Since there are many people doing it the wrong way I wanted to clear this for you all.
BULLISH SCENARIO: We need to break above the SOS (Signal of Strength) to be sure about the BULL TREND. Here that level is 41.8k level.
CONCLUSION: IMHO We have entered the 3rd Phase "C" as per the diagram.
The question is whether the spring already happened or it's coming.
Even if BTC dumps to 24k It doesn't seem good to sell around these levels while the smart money is accumulating. It will just slow down the accumulation phase for few more weeks.
I think could happen if we just hold the 32k level in this weekly.
For more information stay tuned, I'll follow up on this chart for your better understanding.
This is the only cheat chart that can help you to determine the right time to trade.
Hope this helped, if it did please HIT the like button and share your views in the comments section.
Thank you
#PEACE
Note
Welcome to this quick update veryone. I appreciate your views and likes in my previous update. Let's get to this one.
The first thing that we needed is done we got a good weekly close just above 32.7k.
This is a good sign but too early to be happy again.
What really matters is whether we get above our trading range or not!
Which is the breakout of the 41k level triggering the SOS (Signal of strength).
Keep in mind, the Market is in extreme fear so accumulating BTC around 30k is never a bad idea but for mid and long-term traders. For the Bulls who trade on swings better to wait for the Break above 41k.
I am quite confident that this is phase C.
The question remains the same, whether the 28k dump was the last spring or we're gonna see another dump towards 24k.
FOR THIS TO HAPPEN: ONLY A Weekly close above 36k can cancel the 24k Scenario (Not Financial Advice)
After the breakout but the 33k level hasn't been retested yet. Keep that in mind and if you're leverage trading better to take profits off when it's green!
What's your thought on this?
Do you agree or you have other ideas? Let me know in the comment section.
If you like these updates, do not forget to hit the like button and share your views in the comment section.
Thank you
Stay safe
#PEACE
Trade active
Doesn't look that good though.
It was a hell of a bloody Monday.
We need a close above 34.6k in daily and get above the green zone as soon as possible.
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