This is a Wyckoff accumulation pattern that usually occurs after the price finished the markdown phase. AR or automatic rally can go as high as 32500. And also there is a possibility of visiting the previous low, as seen in the Wyckoff accumulation during the May 2021 drop.
Price successfully hit the low and that will eventually indicate a bottom in the next weeks or months. I add the bars-pattern from the 2021 drop to make the projection of the price structure clearer.
After the accumulation is done, there is no guarantee that it will go to the ATH. It may enter a new distribution phase to test the 19K low as in the previous 4-year-cycle.
Price successfully hit the low and that will eventually indicate a bottom in the next weeks or months. I add the bars-pattern from the 2021 drop to make the projection of the price structure clearer.
After the accumulation is done, there is no guarantee that it will go to the ATH. It may enter a new distribution phase to test the 19K low as in the previous 4-year-cycle.
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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.