Bitcoin - 2 insane patterns!
Updated
Hello, everyone!
Now it looks like the bull run is over, the Bitcoin price has been falling down for a long time. But I found 2 crazy patterns which can give us a hope that final bull cycle wave is going to play out.
Pattern 1 – Wyckoff Reaccumulation
This theory is well known for me, I often use it in my trades. On the left side of the pic above you can see this Wyckoff reaccumulation pattern. As I said in the previous articles, I expect the sideways movement for some time because whales is going to accumulate their positions. It coincides with the fundamental Wyckoff theory.
Pattern 2 – Three Rising Valleys
I found this price pattern recently, but it has ideal explanation of the current Bitcoin price formation. You can notice that this pattern is not contradicts the previous one. The target for it is $80000 in this cycle!
Now it looks like the bull run is over, the Bitcoin price has been falling down for a long time. But I found 2 crazy patterns which can give us a hope that final bull cycle wave is going to play out.
Pattern 1 – Wyckoff Reaccumulation
This theory is well known for me, I often use it in my trades. On the left side of the pic above you can see this Wyckoff reaccumulation pattern. As I said in the previous articles, I expect the sideways movement for some time because whales is going to accumulate their positions. It coincides with the fundamental Wyckoff theory.
Pattern 2 – Three Rising Valleys
I found this price pattern recently, but it has ideal explanation of the current Bitcoin price formation. You can notice that this pattern is not contradicts the previous one. The target for it is $80000 in this cycle!
Note
Note
Accumulation on Bitcoin continue. I told you about potential Wyckoff accumulation here. We can see the trading range is forming now. It looks like the lower band of accumulation trading range is at the $46500. The higher band is anticipated at $52000. I suppose that the price now is going to test resistance line. The breakout probability is low this time – market need more accumulation to start relief rally.The Big Guy indicator help us to see the whale’s purchases. They did it twice at the lower band. The probability that the current range is the Wyckoff accumulation increased due to this fact.
Note
Bitcoin is forming the Symmetrical Triangle pattern. I am sure that all traders see it. Whales with 99% probability will manipulate the market using this pattern. Because everybody now is scared of further dump it is obvious that whales will scare the market even more to take your money. The price will break down this triangle and take the stop-losses below the previous local lows before the quick recovery. It is the most probable scenario for me now. If it will be invalidated I will tell you.
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