As the chart shows Price looks like it is heading towards the support of where the selling climax happened earlier this year. If the spring does occur, this would mark Phase C of the schematic and confirm this is Accumulation. Clues would be a break of the support on low volume signalling retail has exhausted majority of their supply. There is also a LVN in the VP that adds confluence. So far the patterns have been pretty reasonable in terms of what Wyckoff explains Price and volume should be doing at the various stages. Of course none of this is guaranteed and institution could push this a lot lower than the $5k region & I'm sure I'm not the only one who has spotted this/hoping it is a spring, which could give rise to institution wanting to push down lower to cause more pain to retail and shake the weak hands out - Volume will tell, so lets wait & see how this plays out.
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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.