Wyckoff ReAccumulation Schematic AnalysisPrevious chart got messed up on TV, so reposting with more detailed information..
This daily BTCUSDT chart illustrates a classic Wyckoff Accumulation Schematic, showcasing various phases and key levels critical to understanding the potential market movements.
Phases and Key Levels:
Preliminary Supply (PSY): This is the initial point where substantial selling begins, but the downtrend is still intact. Marked near 67,579 USDT.
Buying Climax (BC): This indicates the point where aggressive buying meets resistance, leading to the initial sell-off. Positioned at approximately 73,777 USDT.
Automatic Rally (AR): Following the selling climax, an automatic rally occurs due to the cessation of aggressive selling and some buying interest.
Secondary Test (ST): The price retests the BC level, confirming the resistance and further defining the trading range.
Phase B - Up-Thrust (UT): This phase is characterized by false breakouts above the resistance level, aimed at trapping buyers before the price reverses.
Creek : A metaphorical line representing minor resistance levels that the price needs to jump across to indicate strength.
Spring : This phase is where the price dips below the support level to shake out weak hands before reversing upwards. The spring is tested to confirm the bottom.
Test : After the spring, the price tests the support level to ensure that the bottom is established.
Last Point of Support (LPS): Following the test, the price action shows higher lows, indicating strong support and the beginning of the markup phase.
Jump Across The Creek: A significant movement where the price crosses above the minor resistance levels (creek), signaling the start of a new uptrend.
Sign of Strength (SOS): Demonstrates strong upward momentum with increased demand, validating the bullish trend.
Current Status:
BTCUSDT is showing a strong bullish movement after completing the spring and test phases. The price has recently jumped across the creek and is currently at the Last Point of Support (LPS). The expectation is for a Sign of Strength (SOS) as BTC continues its upward trajectory towards the upper resistance levels around 73,777 USDT.
Measured Move Strategy:
Using a measured move strategy on a higher time frame, we identify breakout targets based on the height of the accumulation range projected upwards.
Potential Breakout Targets:
Short-term target at 71,997.02 USDT (100% Fibonacci level).
Medium-term target at 90,000 USDT, considering the height of the accumulation range added to the breakout level.
Higher time frame target at 180,000 USDT, aligning with the measured move strategy and long-term bullish projections.
Summary:
This chart provides a comprehensive view of the Wyckoff Accumulation pattern, highlighting key phases and potential bullish outcomes for BTCUSDT. Traders should watch for sustained strength above the LPS and look for SOS confirmation to validate further upside. The higher time frame breakout targets using a measured move strategy suggest significant bullish potential, with a long-term target of 180,000 USDT.
