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Wyckoff

BTC Accumulation phase? Let's decodeHello traders and followers. It is with great pleasure that i am sharing my analysis with you so if you enjoy my work please like and follow, this encourages me to continue to do what i do. In today's analysis we are going to take a look at the 6h chart on BTC and most precisely at the key elements of an accumulation phase according to the Wyckoff method. Before we tackle the accumulation i just want to note that the price is now trying to escape a simmetrical triangle but with low volume, therefore a lot of chances for the price action to go sideways. Is the range we are in an accumulation? Now, don't get me wrong, i know that the range is not formed properly yet, but we can see some key characteristics of accumulations happening in this young range. - Decrease in volume and volatility as the range develops . There is less and less available supply and the price fluctuations are gradually reduced - Testing the upper area with low volume , suggesting an absence of interest in selling, the exception will be when the price will be ready to initiate a breakout. - Bearish false breakout (springs). We've had one but didnt act like a spring. - Bullish candles are bigger than bearish ones. This one is 50/50 , slightly better on the bull side. - Development of rising highs and lows. This is pretty obvious, due to the triangle formation we are slightly going up. Conclusion: Technically this is not looking bad... really , if we were to ignore all the fundamental context around crypto , this would be a perfect area to enter long term, but the reality is different, fundamentals strike from nowhere and we ca not ignore this. I am keeping my bearish bias but i am also considering the possibility of this being an accumulation area. I guess the exit and close above the range will heavily strengthen this assumption. Till next time.
by SublimeTraders
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