A Wyckoff Perspective on Bitcoin. Accumulation Looks Convincing!
Updated
Here's a quick look at our current Bitcoin scenario from a Wyckoff perspective.. The Wyckoff accumulation event suggested here is a nearly textbook case example. The market seems to be reverberating from a large amount of strategic accumulation!
I might suggest that our 'must hold' level for this bullish scenario is the shaded area between $3700 and $3800. However, it may not be. If one subscribed to this idea, the shaded area would be a wise place to enter a position, if the support holds.
[url=cryptocoremedia.com/wp-content/uploads/2018/06/wyckoffaccumulation.png
I might suggest that our 'must hold' level for this bullish scenario is the shaded area between $3700 and $3800. However, it may not be. If one subscribed to this idea, the shaded area would be a wise place to enter a position, if the support holds.
[url=cryptocoremedia.com/wp-content/uploads/2018/06/wyckoffaccumulation.png
Comment
Please ignore indicators and maximize the chart window for best viewing. Sorry for the inconvenience.Trade active
Well, it sure tried !!!'Phase E' really did look like it was going to get some air.
We fell down after being rejected by $4400.
However,
The bulls are still completely in the game. The support at $3700-$3800 has held up wonderfully, so far.
I'm still loving a 'Buy' here. Even right now!
Trade active
Still hanging out on support! Wow! Let's gooo!!
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