BitcoinUpdated BTC - Possible Local wyckoff Phase D to push above 17248
If this area is looked at as a local Wyckoff
re-accumulation range then BTC could be in a Trading Range which goes from 16805 to 17248.
If the wyckoff phases are also drawn in then BTC can also be said to be at a Local Wyckoff phase D.
A Wyckoff Phase D is when then asset prepares to exit the top of the trading range.
Hence If this is indeed Phase D then Im expecting BTC will push back upwards above the top of the trading range at 17248 and then proceed to push up higher.
What if this is not phase D ?
===================
If this is not phase D then we will know as BTC will exit out the bottom of the range at the 16805 area.
This also means that for safety stop will have to set at 16700.
re-accumulation range then BTC could be in a Trading Range which goes from 16805 to 17248.
If the wyckoff phases are also drawn in then BTC can also be said to be at a Local Wyckoff phase D.
A Wyckoff Phase D is when then asset prepares to exit the top of the trading range.
Hence If this is indeed Phase D then Im expecting BTC will push back upwards above the top of the trading range at 17248 and then proceed to push up higher.
What if this is not phase D ?
===================
If this is not phase D then we will know as BTC will exit out the bottom of the range at the 16805 area.
This also means that for safety stop will have to set at 16700.
Note
The bigger picture in the chart below shows this is also the second Re-accumulation Trading Range inside a much larger Trading range which goes from 15604 to 18161
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.