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The bulls managed to drive the price up to 8k and slightly above it on a wick. Right now many traders do not know what this action means, so let’s find out what’s going on here.
First of all, you should understand that the resistance we mentioned in our previous idea has not been broken yet! That means that the bullish case is valid only if we break above it.
Now let’s take a look at the consolidation we had. After recent pump we can look at it as Wyckoff Accumulation.
The price action looks pretty textbook. All key points in the phases are present.
We did break through that top horizontal printing a very clear SOS (Signal of Strength)
According to the Wyckoff schematic #2, by going above 7900 we’ve got a Signal of Strength and now we are looking for a pullback to the resistance which is going to become support now. Previous resistance is sitting at ~7675 and here is something interesting: we have a CME Gap at 7725-7676.
So, that area is very likely to attract the price for a little consolidation before some continuation to the upside.
What do you think about it? Will this Wyckoff accumulation play out and reverse the downtrend or not? Give us your opinion in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
The bulls managed to drive the price up to 8k and slightly above it on a wick. Right now many traders do not know what this action means, so let’s find out what’s going on here.
First of all, you should understand that the resistance we mentioned in our previous idea has not been broken yet! That means that the bullish case is valid only if we break above it.
Now let’s take a look at the consolidation we had. After recent pump we can look at it as Wyckoff Accumulation.
The price action looks pretty textbook. All key points in the phases are present.
We did break through that top horizontal printing a very clear SOS (Signal of Strength)
According to the Wyckoff schematic #2, by going above 7900 we’ve got a Signal of Strength and now we are looking for a pullback to the resistance which is going to become support now. Previous resistance is sitting at ~7675 and here is something interesting: we have a CME Gap at 7725-7676.
What do you think about it? Will this Wyckoff accumulation play out and reverse the downtrend or not? Give us your opinion in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
Comment:
BTC Update. Bulls, Do Not Get Overexcited!
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🚀💰 REGISTER HERE AND GET UP TO $30,000 WELCOME BONUS -> partner.bybit.com/b/cryptobullet
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