Follow-Up - Bitcoin Finally Reaches Bottom of Falling Wedge
In my previous posts, you would see that I have been tracking the same Falling Wedge for weeks now. Finally, Bitcoin made its way down to the bottom support for that Wedge, and the result thus far was as expected.
After breaking through many other YouTuber Fear-inducing "last ditch" resistance lines, proclaiming after that "WE'RE GOING DOWN TO 10K!!!!!!!!" BTC bounced off of the bottom of the Wedge and has started to rebound. Now, we still need confirming of an uptrend (higher highs and higher lows over the next few days), but the bounce is promising.
As far as Wyckoff Accumulation goes, there is no doubt whales are accumulating. We have the data that proves that. Initially, I thought the wick down to 28.8K on 6/22 was the Spring. But ensuing price action proved that likely wrong, so we need to watch for that Spring to still materialize - something below 28.8K, and then a quick bounce-back as savvy investors gobble up that BTC and throw it back into the Wedge.
Let's watch it, but either way, today was a good day for price action, and I'm sure we're all happy to see anything other than sideways prices.
After breaking through many other YouTuber Fear-inducing "last ditch" resistance lines, proclaiming after that "WE'RE GOING DOWN TO 10K!!!!!!!!" BTC bounced off of the bottom of the Wedge and has started to rebound. Now, we still need confirming of an uptrend (higher highs and higher lows over the next few days), but the bounce is promising.
As far as Wyckoff Accumulation goes, there is no doubt whales are accumulating. We have the data that proves that. Initially, I thought the wick down to 28.8K on 6/22 was the Spring. But ensuing price action proved that likely wrong, so we need to watch for that Spring to still materialize - something below 28.8K, and then a quick bounce-back as savvy investors gobble up that BTC and throw it back into the Wedge.
Let's watch it, but either way, today was a good day for price action, and I'm sure we're all happy to see anything other than sideways prices.
