As other notable traders have pointed out, there is a Wyckoff spring phase in play here, as it is also on BTC (4hr + 1D time frame).
I am no expert in Wyckoff Accumulation studies, but I would like to bring to light some other strong possible bullish plays in the mix here.
I have pointed out that there is a large inverse head and shoulders that is being formed, and at the callout marker it will have completed this pattern, resulting in a push up.
In addition, this also lines up with the breakout on the triangle it is caught in right now, and we always look out for the retest to buy.
Both of these line up perfectly.
If that's not convincing enough, this also lines up with the LPS phase in the Wyckoff.
Now who's to say which pattern is more likely to be played out? I don't know. But I will take a slightly bullish perspective here for the next month at least.
Black horizontal lines are strong Fib retracement levels at 0.272, 0.678 and 1.272. Sell around the indicated range and buy at the break out of the next potential triangle that forms up at that range.
What this means is that where we are selling half now as indicated on the chart, you will see a small tight triangular pattern play out when it reaches this level. This is the SOS area on Wyckoff.
Here, if it breaks out of the triangle going up, then continue holding until the next black horizontal line to sell. Simultaneously, in this SOS range, move your stop loss up to 1.5
I am no expert in Wyckoff Accumulation studies, but I would like to bring to light some other strong possible bullish plays in the mix here.
I have pointed out that there is a large inverse head and shoulders that is being formed, and at the callout marker it will have completed this pattern, resulting in a push up.
In addition, this also lines up with the breakout on the triangle it is caught in right now, and we always look out for the retest to buy.
Both of these line up perfectly.
If that's not convincing enough, this also lines up with the LPS phase in the Wyckoff.
Now who's to say which pattern is more likely to be played out? I don't know. But I will take a slightly bullish perspective here for the next month at least.
Black horizontal lines are strong Fib retracement levels at 0.272, 0.678 and 1.272. Sell around the indicated range and buy at the break out of the next potential triangle that forms up at that range.
What this means is that where we are selling half now as indicated on the chart, you will see a small tight triangular pattern play out when it reaches this level. This is the SOS area on Wyckoff.
Here, if it breaks out of the triangle going up, then continue holding until the next black horizontal line to sell. Simultaneously, in this SOS range, move your stop loss up to 1.5