Bitcoin in Wyckoff Accumulation: A re-look.
Updated
Redrawing the Phase divide lines.
We could presently still be within Phase C of a Wyckoff Accumulation.
A clear break above ca. 42k USD (setting a higher high on the daily, and also > 21 weekly EMA) will ensure confidence of a continuation of the macro bull cycle.
Idea negated if price drops below ca. 32k USD; and next target level is at approx. 25k USD.
As continued from:
We could presently still be within Phase C of a Wyckoff Accumulation.
A clear break above ca. 42k USD (setting a higher high on the daily, and also > 21 weekly EMA) will ensure confidence of a continuation of the macro bull cycle.
Idea negated if price drops below ca. 32k USD; and next target level is at approx. 25k USD.
As continued from:
Note
Note: This is just to consider a contrary scenario, with many traders still being bearish in the short term. A sym triangle is more likely to follow through as a continuation of the trend entering it, i.e. downwards -- coupled with the death cross on the daily, albeit (for the bears) it being a significantly lagging indicator (especially for a fast moving market like Bitcoin). With one of the more believable (IMO) measured move target at 21.5k USD (towards the 78.6% Fib retracement level). May find support and rebound well before that (perhaps at ca. 25k USD), with so many bears still waiting, for the second chance to present itself, to pick up BTC towards the 20k USD level; and trying to front-run one another's order at the same time.
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