Bitcoin Micro Accumulation = Macro Spring
Here's the setup I'm watching at the moment. If you've been following me you'll know that I think we're in a macro accumulation phase (see linked idea and twitter feed -> twitter.com/gonebroke_/status/1000091146482315264).
Key Points To Remember. (stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method
SC—selling climax, the point at which widening spread and selling pressure usually climaxes and heavy or panicky selling by the public is being absorbed by larger professional interests at or near a bottom. Often price will close well off the low in a SC, reflecting the buying by these large interests.
ST P.B - Secondary test in phase b in which price revisits the area of the SC to test the supply/demand balance at these levels. If a bottom is to be confirmed, volume and price spread should be significantly diminished as the market approaches support in the area of the SC. It is common to have multiple STs after a SC."
Once we have a confirmed ST, I'll be looking to build a long from 6k to $5800 in anticipation of the 'spring'.
Key Points To Remember. (stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method
SC—selling climax, the point at which widening spread and selling pressure usually climaxes and heavy or panicky selling by the public is being absorbed by larger professional interests at or near a bottom. Often price will close well off the low in a SC, reflecting the buying by these large interests.
ST P.B - Secondary test in phase b in which price revisits the area of the SC to test the supply/demand balance at these levels. If a bottom is to be confirmed, volume and price spread should be significantly diminished as the market approaches support in the area of the SC. It is common to have multiple STs after a SC."
Once we have a confirmed ST, I'll be looking to build a long from 6k to $5800 in anticipation of the 'spring'.
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