Spring Incoming
Here i am puttihng the bear flag idea in the wyckoff accumulation idea so its in one nice post by itself. Bear flag/rising wedge has declining volume indicating a dump may happen, the stochastic RSI is overbought curving down, MACD losing buying pressure and RSI has bearish divergence which is a bit hard to see. I would expect support on the 1.618 Fibonacci retracement from 28.8k to 69k which is super close to our price range, and it would match up perfectly for a Spring in wyckoff accumulation. And a massive, short squeeze could also form.
Trade closed: target reached
WOW!! IT WORKED!!!!Note
Now let's see if BTC can get the spring all the way up and have a successful TEST which according to Wyckoff accumulation:"Large operators always test the market for supply throughout a TR (e.g., STs and springs) and at key points during a price advance. If considerable supply emerges on a test, the market is often not ready to be marked up. A spring is often followed by one or more tests; a successful test (indicating that further price increases will follow) typically makes a higher low on lesser volume."
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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.