Going to keep a very close eye on this potential Wyckoff Accumulation reversal. Especially with the sentiment in the market this would make a lot of sense. Food for thought.
I'm not a WYCKOFF expert but isn't that level (the green lines) a distribution?
GaiusPomperus
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@creaitivefreedom, No, it's the end of the selling climax and the top of the AR automatic Rally. The green line lower down is the top of the phase B top, and the future resistance line to confirm a breakout. It's not going to follow the schematic to a T. That's where xp and the skill come in, Identifying the stages when they may not be super clear. Crypto is no longer a crypto market, it's going to work like a traditional market now that traditional institutions are in. This is how they play, unfair. The typical sentiment is this when everyone and their mama thinks it's bear, it's when institutions slam up the price, making everyone who got out feel like they missed and get them to fomo back in, then they get you rekt.
creaitivefreedom
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@GaiusPomperus, Thanks for the explanation. I really appreciate it! I agree with you, it's not an organic market anymore and will play like FOREX or Equities.
I see what you mean now by that peak being the AR. I guess it makes sense as the institutions were getting into bitcoin not too far back before the price decline. The real rally after a sell-off in WYCKOFF tends to have a lot higher volume, correct?
How many times do institutions tend to drive the price down to the accumulation zone before letting it ride back up? I'm seeing a lot of places suggest 2-3.