Now that US Markets have opened up... I'm starting to see clues of a bottom reversal.
Bearish volume has been declining... ð while the price has been dropping. ðĪ·
Effort < Result.
At this stage with low volume and prices appearing to be creeping up (on the lower timeframe)... this could be a sign that sell pressure is exhausted and whales are accumulating quietly... ðģ
ðĻ Still a work in progress! No guarantees this will play out.
1) Need to flip that 1H - 200 EMA to Support 2) Volume should start increasing as retail traders get interested again. 3) Price needs to get to the $43,000 Resistance Line 4) Reversal is only confirmed with a huge Volume Spike...
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ðĻ BItcoin volume really needs to start picking up in the next 24-48 hours and price needs to get to SOS resistance at 43K or this could be a bull trap and failed Wyckoff Pattern (at least on the 1H timeframe) and more like a Bear Flag on 4H timeframe â ïļ
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ðĻ Bitcoin really needs to have bullish volume enter now... a drop below the Selling Climax at $34,000 would be painful. So, please be MENTALLY PREPARED for that scenario. ð§
I have updated this Wyckoff Accumulation schematic to reflect this extended sideways consolidation, which is taking longer than I feel comfortable with. ðĐ
Personally, I'm not selling anything... just staying the course until Q4 before taking profits! ð
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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.
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Just updated Wyckoff Schematic to be more detailed and precise. 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 $43,000 Resistance Line ðĨ4) Reversal is only confirmed with a huge Volume Spike... ðĨð
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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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BITCOIN x Wyckoff Accumulation appears to have 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 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.