BTC in Wyckoff re-accumulation? Prepare for next Impulse Wave!
Hello Traders!
BTC has:
- almost reached the target of the large wedge (marked in red) at 44700
- touched the 20 MA Weekly and price is currently compressed above it
- created a lower low to potentially complete corrective wave C
We can prepare entries for 3 scenarios:
# BTC goes up from here: FOMO enter with a tight SL.
# BTC forms a Wyckoff accumulation pattern to consolidate the low and start a new impulse wave up: Enter when the consolidation unfolds, looking for a spring, a re-test and signs of strength afterwards. (I believe this is the most likely scenario).
# BTC needs one more dip to complete a lower low of wave C: Stack buy orders from 41k to 38k.
There is an imbalance (IB) below which usually gets filled at one point, but it is not a must to go further. If price goes that low, I expect the order block at 39366 or at 38595 to become a support - there is a very precise confluence with the pitchfork as well. These are my "worst case" entries.
BTC may front-run demand zones as usual and go straight up from here, so I have a small position open already that can be down-averaged just in case.
Since BTC kissed the 20W MA, many traders are becoming bullish here, so we can expect fresh capital inflow (Michael Saylor bought this dip, for example). Also price has grabbed liquidity below the previous equal lows (EQL line), which should help to exhaust supply.
Happy trading everyone!
BTC has:
- almost reached the target of the large wedge (marked in red) at 44700
- touched the 20 MA Weekly and price is currently compressed above it
- created a lower low to potentially complete corrective wave C
We can prepare entries for 3 scenarios:
# BTC goes up from here: FOMO enter with a tight SL.
# BTC forms a Wyckoff accumulation pattern to consolidate the low and start a new impulse wave up: Enter when the consolidation unfolds, looking for a spring, a re-test and signs of strength afterwards. (I believe this is the most likely scenario).
# BTC needs one more dip to complete a lower low of wave C: Stack buy orders from 41k to 38k.
There is an imbalance (IB) below which usually gets filled at one point, but it is not a must to go further. If price goes that low, I expect the order block at 39366 or at 38595 to become a support - there is a very precise confluence with the pitchfork as well. These are my "worst case" entries.
BTC may front-run demand zones as usual and go straight up from here, so I have a small position open already that can be down-averaged just in case.
Since BTC kissed the 20W MA, many traders are becoming bullish here, so we can expect fresh capital inflow (Michael Saylor bought this dip, for example). Also price has grabbed liquidity below the previous equal lows (EQL line), which should help to exhaust supply.
Happy trading everyone!