Price action of BTC seems to be following the Wyckoff Reaccumulation schematic. Granted, distribution, accumulation, and reaccumulation all look similar, but considering BTC is pumping hard I wouldn’t bet on this being the time.
Second, @IncomeSharks tweet pointed out that the OBV is forming a consolidation pattern, as it has when correcting in a bullish impulse.
Link to tweet: twitter.com/IncomeSh.../1320550474995486720
Now back to reaccumulation. Here is the link to the Wyckoff Reaccumulation Schematic so everyone can follow along.
Link:
BC:
Establishes primary resistance at 13200.
AR:
Immediate pullback to establish support at 12700
ST:
Secondary test of resistance at 13200
Price lingers around support but makes higher low at 12800. Uptrend continues…
UT:
Upthrust creates false breakout of resistance to establish secondary resistance at 13350
From this point on, we should slowly grind down with solid retests of resistance along the way. I have identified S/R areas at 13100 and 12950 as notable reversal areas.
Finally there is consolidation at 12700 support which precedes the rise beyond resistance. If it happens it will be swift after we “jump the creek.”
The next notable resistance and TL resistance from the August impulse to 12100 and 12500 is at 13800.
Summary:
Possibly short range high at 13200 (risky as hell). Buy up positions at range low at 12700.
Second, @IncomeSharks tweet pointed out that the OBV is forming a consolidation pattern, as it has when correcting in a bullish impulse.
Link to tweet: twitter.com/IncomeSh.../1320550474995486720
Now back to reaccumulation. Here is the link to the Wyckoff Reaccumulation Schematic so everyone can follow along.
Link:
BC:
Establishes primary resistance at 13200.
AR:
Immediate pullback to establish support at 12700
ST:
Secondary test of resistance at 13200
Price lingers around support but makes higher low at 12800. Uptrend continues…
UT:
Upthrust creates false breakout of resistance to establish secondary resistance at 13350
From this point on, we should slowly grind down with solid retests of resistance along the way. I have identified S/R areas at 13100 and 12950 as notable reversal areas.
Finally there is consolidation at 12700 support which precedes the rise beyond resistance. If it happens it will be swift after we “jump the creek.”
The next notable resistance and TL resistance from the August impulse to 12100 and 12500 is at 13800.
Summary:
Possibly short range high at 13200 (risky as hell). Buy up positions at range low at 12700.