Guys, before you read this idea, please, click theLIKEbutton. I would appreciate it.
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!
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@CryptoBullet, i liked Benchmark’s question: why click the like button before you read an article?
However, i liked your analysis and did click the like button. It was simple, free from clutter and to many indicators, and easy to follow. Good job and thanks!
@CryptoBullet, but you haven't read the article yet so how can you support them? Their article might be garbage. It's like recommending a book that you haven't read. Sounds like you want people to click the like anyway and even if the article is rubbish they are less likely to unclick it, leaving you with more likes. If that is what everyone did we would have no real idea who is good or bad and it actually does a disservice to the space.
BDG
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What will cause the BTC price to move up and change the 2 year bear market into a bull market? Is new retail money coming in from Mom & Pop customers? Are high income earners pouring money into BTC ETF's? Have Bakkt customers stopped settling in cash and are now settling in BTC in order to drive the price up? Where is all of the new money coming from? Or is this just another price manipulation before a huge dump? Are we forming yet another BART?
Why do I feel like Charlie Brown getting ready to kick the football. Can I now trust Lucy to hold the ball still for me? Or will she yank it away yet again so Charlie Brown falls on his back so she can have a good laugh at my expense? Will Charlie Brown ever learn? Will BTC traders ever learn not to trust the whales named Lucy? LOL
@BDG, Yes, that's a great point! I agree with you. No new money is coming in
CryptoBullet
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@BDG, but let's think over when the retail money will start coming in. Will it be when all the media is freaking out how BTC skyrocketed? yes. For the masses to enter crypto we need BTC pumping hard. I guess it should be an imminent 2x move or going above 14k