BTCUSDT Re-Accumulation Idea
From my current analysis it looks like we are in a re-accumulation phase. For this analysis I used Wyckoff schematics, Elliott waves, Fibonacci levels and chart patterns. As you can see we broke out of the red parallel lines. Parallel lines typical result in counter trend movements. A bounce off the $45-46k area and retest of the 58k level could signify a distribution pattern. So breaking the .618 fib is a good thing in this situation. The .50 fib level is my low target. This looks like it could be wave 1 and 2 of the Elliott wave, which means theres a whole lot more room for prices to go up!
Please let me know what you think of my idea. Any and all comments are welcome, just want to become a better trader!
Please let me know what you think of my idea. Any and all comments are welcome, just want to become a better trader!
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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.