Current BTC Analysis: July 2024
Updated
As of July 2024, BTC has been showing signs of recovery after a period of decline. The price recently experienced a strong upward movement, breaking through a downward trend line without encountering significant resistance. This indicates potential bottoming out and a possible start of a new upward trend.
Wyckoff's Accumulation Phases:
Wyckoff's accumulation consists of several phases:
Phase A: Stopping the Downtrend
This phase is marked by preliminary support (PS) and a selling climax (SC), followed by an automatic rally (AR) and secondary test (ST).
Phase B: Building a Cause
This is the phase where the market moves sideways, creating a cause for the next move. It includes upthrusts (UT) and springs to shake out weak hands.
Phase C: Testing Supply
This phase typically features a final shakeout or spring, testing the remaining supply before the price moves higher.
Phase D: Markup Begins
The phase where the price begins to trend upward with higher highs and higher lows, breaking out of the trading range.
Phase E: Trend Establishment
The price moves consistently higher, confirming the beginning of a new uptrend.
Current Phase of BTC.
Based on the recent price actions:
Preliminary Support and Selling Climax: These might have occurred in the recent past when BTC experienced significant sell-offs and subsequent recoveries.
Automatic Rally and Secondary Test: BTC has shown a strong upward movement, which could be an automatic rally. The lack of significant resistance suggests that it might be transitioning out of Phase B.
Testing Supply: The price behavior indicates a possible phase where the final tests are occurring. The strong upward momentum could be a sign that BTC is moving into Phase D, where the markup phase begins.
Given these observations, BTC appears to be in late Phase B or early Phase C of Wyckoff's accumulation. This suggests that BTC is likely building a cause for the next major move and is preparing for a potential breakout into an upward trend.
Wyckoff's Accumulation Phases:
Wyckoff's accumulation consists of several phases:
Phase A: Stopping the Downtrend
This phase is marked by preliminary support (PS) and a selling climax (SC), followed by an automatic rally (AR) and secondary test (ST).
Phase B: Building a Cause
This is the phase where the market moves sideways, creating a cause for the next move. It includes upthrusts (UT) and springs to shake out weak hands.
Phase C: Testing Supply
This phase typically features a final shakeout or spring, testing the remaining supply before the price moves higher.
Phase D: Markup Begins
The phase where the price begins to trend upward with higher highs and higher lows, breaking out of the trading range.
Phase E: Trend Establishment
The price moves consistently higher, confirming the beginning of a new uptrend.
Current Phase of BTC.
Based on the recent price actions:
Preliminary Support and Selling Climax: These might have occurred in the recent past when BTC experienced significant sell-offs and subsequent recoveries.
Automatic Rally and Secondary Test: BTC has shown a strong upward movement, which could be an automatic rally. The lack of significant resistance suggests that it might be transitioning out of Phase B.
Testing Supply: The price behavior indicates a possible phase where the final tests are occurring. The strong upward momentum could be a sign that BTC is moving into Phase D, where the markup phase begins.
Given these observations, BTC appears to be in late Phase B or early Phase C of Wyckoff's accumulation. This suggests that BTC is likely building a cause for the next major move and is preparing for a potential breakout into an upward trend.
Note
As i mentioned. The last phase was a spring!!Note
We are entering ti phase 4 soon.
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