Dope_and_Daytrading

A Wyckoff Perspective on Bitcoin. Accumulation Looks Convincing!

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Here's a quick look at our current Bitcoin scenario from a Wyckoff perspective.. The Wyckoff accumulation event suggested here is a nearly textbook case example. The market seems to be reverberating from a large amount of strategic accumulation!

I might suggest that our 'must hold' level for this bullish scenario is the shaded area between $3700 and $3800. However, it may not be. If one subscribed to this idea, the shaded area would be a wise place to enter a position, if the support holds.


Comment: Please ignore indicators and maximize the chart window for best viewing. Sorry for the inconvenience.
Trade active: Well, it sure tried !!!

'Phase E' really did look like it was going to get some air.

We fell down after being rejected by $4400.

However,
The bulls are still completely in the game. The support at $3700-$3800 has held up wonderfully, so far.

I'm still loving a 'Buy' here. Even right now!
Trade active: Still hanging out on support! Wow! Let's gooo!!