Bitcoin - Wycoff Accumulation - Is it done? With 5 straight days of positive price action, I have noted elsewhere that this is the longest rune of green bars since the all time high of $65k. Actually, it is the longest run of green bars since March 12, 2021. Taken in context with the reversal signals I listed in my previous post, I get the feeling that the post-correction consolidation period is ending and we are beginning to turn the corner back towards a resumption of this halving cycle’s Bull Run.
Placed in terms of the Wyckoff pattern, I note that July has represented a re-distribution pattern with the drop to $28.7k being the “Spring” of that redistribution. This has provided a basis for re-accumulation at low prices for very brave speculators and the skilful manipulators, but I believe the accumulation game has now been played and they will be growing confidence back into the market to ensure they can capitalise on their accumulated positions with future higher prices. If that is the case, we can expect to see a re-test of the 1D 20MA, then a cautious climb back toward $40k. I expect a pull-back from that point before a surge toward $47k and then onwards after a brief consolidation.
Alternatively, one could argue that the “Spring” is not yet sprung, but I doubt we will go any lower than $31k from here, which you will note is an untested support zone.
What do you think will happen:
A small correction and then upward towards $37k and then $40k?
A deeper correction to $31k then upward? or
A much deeper correction to a new lower-low?
