As you can see, we're at the same point as we were in the last wyckoff accumulation, where we broke out of a descending channel only to be rejected at the RSI trendline.
I've long been observing that the current drop is a smaller version of the May 2021 accumulation phase and at this very moment, it is behaving the exact same way. We're probably going to get rejected and bleed down to the 43-41k.
When comparing the fakeout of May 2021, we reached the upper levels of the Automatic Reaction (AR). If we were to follow this path, we will see a rejection around 51K.
History doesn't repeat, but it often rhymes.
I've long been observing that the current drop is a smaller version of the May 2021 accumulation phase and at this very moment, it is behaving the exact same way. We're probably going to get rejected and bleed down to the 43-41k.
When comparing the fakeout of May 2021, we reached the upper levels of the Automatic Reaction (AR). If we were to follow this path, we will see a rejection around 51K.
History doesn't repeat, but it often rhymes.
Comment:
We did see a rejection around 51k right at the 21w ema. It is holding up nicely so far. Hopefully we break through. However being rejected and coming back down is still in the cards.
Comment:
Last time we held up the strength for 1d 22h before breaking down. We're now 1d 17h into being rejected. Probably going to see a move soon today.
Comment:
Definitive rejection at 51.8k as expected. Let's see if we will start to form a secondary test in this wyckoff accumulation or if we have the strength to break out already.
Support levels to look out for: 46.7k, 45k, 43.8k, 42k, 40.7k.
Support levels to look out for: 46.7k, 45k, 43.8k, 42k, 40.7k.
Comment:
Worked like a charm.
Will be interesting to see if it plays out.