Potential Wyckoff accumulation pattern heading into markup phase forming... waiting on confirmation of a sign of strength to confirm.
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Looks like either my scale is off, or the pattern is playing out as a redistribution instead of an accumulation phase.
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clearly my timing is off.. I had the spring far earlier than it should have been. That's probably a ST in Phase B. Looks like we just had the spring with the pullback to 28.8k. Looking for a retest of support to confirm phase C, which should lead into the last point of supply somewhere around $40-42k.
To have the actual markup you would probably need to spot a single move with high volume towards the resistance so that traders are willing to buy at that level. If it's just a floppy wave you'll only get sellers there.
iHeartData
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Thanks man! What do you look for in a sign of strength? Thanks!