Finally, Bitcoin flips the 1H 200 EMA to support. A few bullish volume spikes show clues that retail traders may be flipping bullish. Just need more volume now. â 1) Need to flip that 1H - 200 EMA to Support ðĄ2) Volume should start increasing as retail traders take positions. ðĨ3) Price needs to get to the $23,000 Resistance Line ðĨ4) Reversal is only confirmed with a huge Volume Spike at Sign of Strength... ðĨð
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Correction: ðĨ3) Price needs to get to the $42,000 Resistance Line
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As bullish volume expands, this is the phase of the Wyckoff schematic where traders will look to go Long.
â 1) Need to flip that 1H - 200 EMA to Support â 2) Volume should start increasing as retail traders take positions. ðĨ3) Price needs to get to the $42,000 Resistance Line ðĨ4) Reversal is only confirmed with a huge Volume Spike at Sign of Strength... ðĨð
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Looks like the Wyckoff Accumulation has failed... ð Only sign of hope is the lack of increasing Bear Volume in relation to price dropping. (Effort < Result) Without Bullish Demand... the only chance of a reversal is a Short Squeeze by whales at $30,000...
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BITCOIN -- Supply and Demand â Battle Continues! ðŽ Bullish volume expands at the bottom of Trading Range $32,000. (This was the "Hold the Door" moment in GOT. ðïļââïļ) In the Wyckoff schematic, this appears to be the SPRING ð. Bullish volume has entered... bulls escape the death trap to $20,000.
â 1) Flipped 1H - 200 EMA to Support â 2) Bullish volume increasing as retail traders take long positions. ðĨ3) Price needs to get to the $42,000 Resistance Line ðĨ4) Reversal is only confirmed with a huge Volume Spike at Sign of Strength... ððĨð
Admittedly, "Phase B" went on longer than I thought it could and had me faked out thinking this was a failed Wyckoff Accumulation... but the SPRING move changes this battle of Supply and Demand.
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BITCOIN -- Supply and Demand â Battle Is Coming to a Close! (after 25 days of agony ð) Volume in relation to Price (Effort and Result)... have shown that Bears ðŧ had no follow-thru and the Bulls ð gave clues of accumulation with increasing volume spikes. ð
â 1) Above 1H - 200 EMA to Support â 2) Bullish volume increasing as retail traders take long positions. ðĨ3) Price needs to get to the $42,000 Resistance Line ðĨ4) Reversal is only confirmed with a huge Volume Spike at Sign of Strength... ððĨð
ðĪŠI can't believe it's been ranging sideways for nearly a month! (25 days to be precise.) I believe Bitcoin may take the lead, while the Altcoins may lag behind and range sideways for an extended time.
Bitcoin was properly melting down on June 7, then the El Salvador News pump pushed the price upto 37500. Then another news pump on June 13th (Tesla accepting bitcoin once miner's energy supply is mostly clean, that news), properly timed when the price reached a local high, pushed it upto 39000. They've been using news pumps to avert a crash and so far, seems like it's kind of working.
I feel like the price is not low enough... and the time frame is to short... Accumulations take weeks, not hours/days... But I am also that guy who sit on the sidelines 24/7 thinking oh itll dip lower... lol
I could see another thrust downward to the high 20K low 30K and then the accumulation starts there at which time would gives us a few weeks of an alt coin season.
ChartCinema
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@BlockchainBreakdown, Yes, I agree with you that accumulation could take longer in the macro-view! This is a very short-term analysis, so it may just run up to 50K and come back down. But keep in mind... this 32K range is where "diamond hand" Elon Musk first accumulated Bitcoin in February. It would be to his benefit to see his stack pump from here... let's see how the week unfolds!
brittanyw149
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@ChartCinema, Whales bought 5.5 billion of bitcoin when it flash crashed, effectively creating a price floor of 34,000. Isn't that curious, right at the price Musk bought at...