BTC: Bull Market Began in March of 2023 and How Do We Know
Hi Everyone! The purpose of this video is to DEFINE "when" we have officially begun a "full fledged" Bull Market. Well, in relation to Wyckoff Method 2.0, the Bull Market "officially" begins when we see our transition from Phase C into Phase D with a Sign of Strength event.
We had our transition from Phase C into Phase D with a Sign of Strength event in March, 2023. However, we were not sure < at the time > if that event was an Exponential Rally in Phase B; creating 2-Tiers of Accumulation - OR - if it was a Sign of Strength in Phase D of a Descending Wedge Accumulation Schematic.
REMINDER: If we see an Exponential Rally in Phase B of Accumulation; creating 2-Tiers of Accumulation; this will often result in a period of RE-Distribution. In RE-Distribution, we must see a Sign of Weakness in Phase D and a Sign of Weakness in Phase E to "complete" that period of RE-Distribution. Well, did we ever see a "Sign of Weakness" closing below $25,050? No... Then we did not have a period of RE-Distribution. This would also imply the substantial move to the upside we witnessed in March, 2023 was NOT an Exponential Rally in Phase B; creating 2-Tiers of Accumulation. Instead, that substantial move to the upside in March, 2023 had to be a Sign of Strength event in Phase D of a Descending Wedge Accumulation Schematic.
I mentioned before in an older publication that we needed to "close" below $25,050 in order to see a Sign of Weakness in RE-Distribution. I mentioned several times in older publications, "...it depends on how much of a pullback we see in order to determine if we are in a 2-Tiered Accumulation Schematic or if we are in a Descending Wedge Accumulation Schematic.
Well, since we NEVER saw a Sign of Weakness (Substantial pullback closing below $25,050) then we were not in a period of RE-Distribution within a 2-Tiered Accumulation Schematic. INSTEAD, we were in a "Back-Up/Last Point of Support Period" in Phase D of a Descending Wedge Accumulation Schematic.
IN RELATION TO WYCKOFF METHOD; Always remember the following: A Sign of Strength event in Phase D marks the OFFICIAL beginning of a Bull Market.
I hope this video publication was helpful.
Happy Trading and Stay Awesome!
David
We had our transition from Phase C into Phase D with a Sign of Strength event in March, 2023. However, we were not sure < at the time > if that event was an Exponential Rally in Phase B; creating 2-Tiers of Accumulation - OR - if it was a Sign of Strength in Phase D of a Descending Wedge Accumulation Schematic.
REMINDER: If we see an Exponential Rally in Phase B of Accumulation; creating 2-Tiers of Accumulation; this will often result in a period of RE-Distribution. In RE-Distribution, we must see a Sign of Weakness in Phase D and a Sign of Weakness in Phase E to "complete" that period of RE-Distribution. Well, did we ever see a "Sign of Weakness" closing below $25,050? No... Then we did not have a period of RE-Distribution. This would also imply the substantial move to the upside we witnessed in March, 2023 was NOT an Exponential Rally in Phase B; creating 2-Tiers of Accumulation. Instead, that substantial move to the upside in March, 2023 had to be a Sign of Strength event in Phase D of a Descending Wedge Accumulation Schematic.
I mentioned before in an older publication that we needed to "close" below $25,050 in order to see a Sign of Weakness in RE-Distribution. I mentioned several times in older publications, "...it depends on how much of a pullback we see in order to determine if we are in a 2-Tiered Accumulation Schematic or if we are in a Descending Wedge Accumulation Schematic.
Well, since we NEVER saw a Sign of Weakness (Substantial pullback closing below $25,050) then we were not in a period of RE-Distribution within a 2-Tiered Accumulation Schematic. INSTEAD, we were in a "Back-Up/Last Point of Support Period" in Phase D of a Descending Wedge Accumulation Schematic.
IN RELATION TO WYCKOFF METHOD; Always remember the following: A Sign of Strength event in Phase D marks the OFFICIAL beginning of a Bull Market.
I hope this video publication was helpful.
Happy Trading and Stay Awesome!
David
Comment:
UPDATE:
REMINDER: Red Line in the 6-Week and 7-Week time frames is above Magenta Level 60; implying price action can rise at least up to the Magenta UPPER B-Band.
6-Week and 7-Week:
REMINDER: Red Line in the 6-Week and 7-Week time frames is above Magenta Level 60; implying price action can rise at least up to the Magenta UPPER B-Band.
6-Week and 7-Week:
I made some adjustments to my Long Term Detailed Distribution/Accumulation Bitcoin Chart: