BTC -Yikes! This pattern has a name "Extra strength Absorption"
This is surprise to me to find out that this setup has a name - its referred to as "The extra strength Accumulation or Absorption" .
This pattern is characterized by sharp uptick after a strong move down followed by higher highs and Higher lows that move in a channel.
Additional characteristics are :
1) Prices tend to press the right side of the channel without breaking through .
2) Rising Support
3)Failed moves up fail to produce aggressive breakdowns.
4) Lack of strong downward movement after a threatening price bar.
5 In some instances the Absorption phase is resolved by a spring upwards .
That said for this to work the following are required.
1) BTC must not break below the yellow channel walls
2) BTC must move above the green median line inside the channel
3) if BTC falls below the red line then BTC must recover quickly and not close below the red line.
If these conditions are met then BTC can move to the 7999/8200 area.
After the move up to 7999/8k the "Extra strength Absorption" may move down
to touch the yellow channel wall on the opposite side .
its your money so do some research and google "Advanced wyckoff EXTRA STRENGTH/ABSORPTION"
and learn more about this pattern
This pattern is characterized by sharp uptick after a strong move down followed by higher highs and Higher lows that move in a channel.
Additional characteristics are :
1) Prices tend to press the right side of the channel without breaking through .
2) Rising Support
3)Failed moves up fail to produce aggressive breakdowns.
4) Lack of strong downward movement after a threatening price bar.
5 In some instances the Absorption phase is resolved by a spring upwards .
That said for this to work the following are required.
1) BTC must not break below the yellow channel walls
2) BTC must move above the green median line inside the channel
3) if BTC falls below the red line then BTC must recover quickly and not close below the red line.
If these conditions are met then BTC can move to the 7999/8200 area.
After the move up to 7999/8k the "Extra strength Absorption" may move down
to touch the yellow channel wall on the opposite side .
its your money so do some research and google "Advanced wyckoff EXTRA STRENGTH/ABSORPTION"
and learn more about this pattern
Comment:
past example of the "extra strength " pattern here
Comment:
The 3 hour also shows that BTC has hit a MAcross and if BTC is unable to close back above 6850 then there can be a move to the 6658 to 6530 area for a possible bounce
Comment:
If BTC falls below 6500 then we can expect a possible move lower to 6100 , 5800