BitcoinLong
Wyckoff Accumulation Phase
I think we may be in a Wyckoff Accumulation phase.
In the past, I have seen much sharper crashes to lower lows by now, has instead resulted in modest lows with sideways movement, and a surprising resilience of btc to follow trend lines. Even if temporarily going past a trend line, it will return back to the trend line.
Check out the Wyckoff schematic I drew in black, and compare with:
d.stockcharts.com/school/data/media/chart_school/market_analysis/wyckoff3/wyckoffaccumulation.png
I basically copied the Wyckoff schematic and aligned it with the recent price movement, and it appears to align pretty well for now.
I believe we are in phase B. If so we should see the lowest price point in phase C before the bull run.
In the past, I have seen much sharper crashes to lower lows by now, has instead resulted in modest lows with sideways movement, and a surprising resilience of btc to follow trend lines. Even if temporarily going past a trend line, it will return back to the trend line.
Check out the Wyckoff schematic I drew in black, and compare with:
d.stockcharts.com/school/data/media/chart_school/market_analysis/wyckoff3/wyckoffaccumulation.png
I basically copied the Wyckoff schematic and aligned it with the recent price movement, and it appears to align pretty well for now.
I believe we are in phase B. If so we should see the lowest price point in phase C before the bull run.
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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.