After becoming more and more convinced that we are following the classic Wyckoff Accumulation #1 schematic, I decided to chart it out properly and came up with what you see above. To give a little more direction I went and added our recent resistance/support lines and based predicted future movements on measured moves from the mirror of our current fractal cup.
Enough buzz words in there for you?
Our recent movements leave me questioning whether we will do the expected initial test of AR, or will fall short (as I charted), there is also reasoning to suggest that we will not have another retracement before going into AR. There is also the possibility that Phase C will not play out with a new low, as schematic #2 would allow a midrange retracement as our spring (though given the unregulated and manipulated movements of bitcoin, I find it unlikely it wouldn't push down to sub 6k).
Let me know your thoughts!
Enough buzz words in there for you?
Our recent movements leave me questioning whether we will do the expected initial test of AR, or will fall short (as I charted), there is also reasoning to suggest that we will not have another retracement before going into AR. There is also the possibility that Phase C will not play out with a new low, as schematic #2 would allow a midrange retracement as our spring (though given the unregulated and manipulated movements of bitcoin, I find it unlikely it wouldn't push down to sub 6k).
Let me know your thoughts!
Comment:
Tracking along nicely...let's see how well we judged this bottom with the measured move within the fractal mirror.
Comment:
So we certainly dipped a little lower - no problem there though. I would very much like to see a runup in the next day or so though. Wouldn't it be interesting if it was timed with Consensus?