I don't don't most of my analysis on a line chart, but sometimes it helps to pull back to a macro view and remove the noise of the candlesticks. As I've said in previous posts, this Wyckoff Accumulation phase is bouncing through a falling wedge, which coincidentally is relatively close to the pattern and price action that spiked us to all-time highs.
Coincidentally, the breakout range aligns closely back to the top of this phase we're in. So despite how alarming yesterday's dumpage was, we're still just waiting for confirmation of a breakout to the top of that wedge.
Also, overnight Bitcoin dropped ALMOST to the level we were calling the Spring. I mentioned before that I was concerned that the Spring test still showed too much buy volume for it have been successful. It made sense that it would make another run at that low, and it did. Check out the volume difference in both of those recoveries.
Coincidentally, the breakout range aligns closely back to the top of this phase we're in. So despite how alarming yesterday's dumpage was, we're still just waiting for confirmation of a breakout to the top of that wedge.
Also, overnight Bitcoin dropped ALMOST to the level we were calling the Spring. I mentioned before that I was concerned that the Spring test still showed too much buy volume for it have been successful. It made sense that it would make another run at that low, and it did. Check out the volume difference in both of those recoveries.