As of July 2024, BTC has been showing signs of recovery after a period of decline. The price recently experienced a strong upward movement, breaking through a downward trend line without encountering significant resistance. This indicates potential bottoming out and a possible start of a new upward trend.
Wyckoff's Accumulation Phases:
Wyckoff's accumulation consists of several phases:
Phase A: Stopping the Downtrend
This phase is marked by preliminary support (PS) and a selling climax (SC), followed by an automatic rally (AR) and secondary test (ST).
Phase B: Building a Cause
This is the phase where the market moves sideways, creating a cause for the next move. It includes upthrusts (UT) and springs to shake out weak hands.
Phase C: Testing Supply
This phase typically features a final shakeout or spring, testing the remaining supply before the price moves higher.
Phase D: Markup Begins
The phase where the price begins to trend upward with higher highs and higher lows, breaking out of the trading range.
Phase E: Trend Establishment
The price moves consistently higher, confirming the beginning of a new uptrend.
Current Phase of BTC.
Based on the recent price actions:
Preliminary Support and Selling Climax: These might have occurred in the recent past when BTC experienced significant sell-offs and subsequent recoveries.
Automatic Rally and Secondary Test: BTC has shown a strong upward movement, which could be an automatic rally. The lack of significant resistance suggests that it might be transitioning out of Phase B.
Testing Supply: The price behavior indicates a possible phase where the final tests are occurring. The strong upward momentum could be a sign that BTC is moving into Phase D, where the markup phase begins.
Given these observations, BTC appears to be in late Phase B or early Phase C of Wyckoff's accumulation. This suggests that BTC is likely building a cause for the next major move and is preparing for a potential breakout into an upward trend.
Wyckoff's Accumulation Phases:
Wyckoff's accumulation consists of several phases:
Phase A: Stopping the Downtrend
This phase is marked by preliminary support (PS) and a selling climax (SC), followed by an automatic rally (AR) and secondary test (ST).
Phase B: Building a Cause
This is the phase where the market moves sideways, creating a cause for the next move. It includes upthrusts (UT) and springs to shake out weak hands.
Phase C: Testing Supply
This phase typically features a final shakeout or spring, testing the remaining supply before the price moves higher.
Phase D: Markup Begins
The phase where the price begins to trend upward with higher highs and higher lows, breaking out of the trading range.
Phase E: Trend Establishment
The price moves consistently higher, confirming the beginning of a new uptrend.
Current Phase of BTC.
Based on the recent price actions:
Preliminary Support and Selling Climax: These might have occurred in the recent past when BTC experienced significant sell-offs and subsequent recoveries.
Automatic Rally and Secondary Test: BTC has shown a strong upward movement, which could be an automatic rally. The lack of significant resistance suggests that it might be transitioning out of Phase B.
Testing Supply: The price behavior indicates a possible phase where the final tests are occurring. The strong upward momentum could be a sign that BTC is moving into Phase D, where the markup phase begins.
Given these observations, BTC appears to be in late Phase B or early Phase C of Wyckoff's accumulation. This suggests that BTC is likely building a cause for the next major move and is preparing for a potential breakout into an upward trend.
Note
As i mentioned. The last phase was a spring!!Note
We are entering ti phase 4 soon.
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.
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.