Bitcoin Wyckoff Accumulation Have We Seen the Ultimate Low?
At the moment of writing we are testing the 36k as support, when this holds it is likely that we are not going to another lower low in the near future. The 36k is supported by two fibonacci retracements and has been tested before. If we hold support it is likely that we will try to reclaim 37k for this to be effective and succesful an increase in volume is needed. However when we fail to find support on the 36 it is likely that we are going for a revisit of the 34k which is supported by the First Support line fo Wyckoff.
As I said in a late night update last night, it looked like the price was forming a bull flag. Which a few hours later go a fake-out since the break was not supported by any volume. However a few hours ago we go at break to the downside, this was supported by volume. The downside target of the flag is also around the 34k which, if we break 36k, would indicate another signal that the price would move to 34k.
As I said in a late night update last night, it looked like the price was forming a bull flag. Which a few hours later go a fake-out since the break was not supported by any volume. However a few hours ago we go at break to the downside, this was supported by volume. The downside target of the flag is also around the 34k which, if we break 36k, would indicate another signal that the price would move to 34k.
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