Wyckoff just a meme? Don't discount the possibility
Aside from the double top at 11788, BTC is exhibiting a very similar pattern to Schematic A of Wyckoff Accumulation
cmtassociation.org/w.../11/WyckoffFig66.jpg
Before, I discounted this Wyckoff schematic as it had been too widespread among the public, and I had expected a massive volume upon break of 6k
To my surprise, there was relatively low volume, indicating that there is little floating supply left in the market
It could make another leg down, and that just might be the final bottom and end of the bear market, if confirmed by low volume.
Having said that, there is also the other possibility that this is just a trap, and the true trading range is around 3-5k.
Unfortunately, that scary scenario is also a probable one that would beget a major dilemma between holding and selling
cmtassociation.org/w.../11/WyckoffFig66.jpg
Before, I discounted this Wyckoff schematic as it had been too widespread among the public, and I had expected a massive volume upon break of 6k
To my surprise, there was relatively low volume, indicating that there is little floating supply left in the market
It could make another leg down, and that just might be the final bottom and end of the bear market, if confirmed by low volume.
Having said that, there is also the other possibility that this is just a trap, and the true trading range is around 3-5k.
Unfortunately, that scary scenario is also a probable one that would beget a major dilemma between holding and selling
Comment:
I will take some long position around 5600. If 5400 fails, I' m just going to assume this theory is invalid / was a ploy
Comment:
While I'm not an expert on Wyckoff, this doesn't feel like a "spring".
The price action is too slow and looks like just another phase of pump & dump. The immediate follow-through after hitting 5755 was pretty weak
The price action is too slow and looks like just another phase of pump & dump. The immediate follow-through after hitting 5755 was pretty weak
Comment:
Went long here. Whales are accumulating for a dead cat bounce, imo.
Could make another leg down to max 5500, but until then I'm not changing my position
Could make another leg down to max 5500, but until then I'm not changing my position
Comment:
Expecting some correction now. Hit the top of the well-respected channel
Don't mind the numbering. These are not EW's. I just drew them as prediction the other day.
Don't mind the numbering. These are not EW's. I just drew them as prediction the other day.