Possible if the Wyckoff Accumulation patter is correct - this would align very nicely with that theory.. Here is my chart on Wyckoff Pattern - I think we could be in Phase C:
redbully27
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depending on if it breaks through 40k, if it's bouncing back down, the logical way is to retest 30k and I think personally it's gonna break through under 30k soon
redbully27
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@redbully27, and trying to trade against a trend is always a dumb idea, the trend at the moment is clear sideway, so I would be careful with predicting the future, whenever it breaks through 30 or 40k we can see a trend to trade with
fanaland
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@redbully27, thanks man i should have made this neutral 1st with 2 possibilities since it didn't break 40k yet
ich1baN
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@redbully27, We already tested 30k again imo and have constructed a double bottom... also the "morning star" pattern with the Dragonfly Doji candle on the 1D and 5D can not be ignored especially considering the next 1D candle was a bullish engulfing candle:
fanaland
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@ich1baN, i don't use pattern but i believe the last retest of 30k is the 5 wave of daily down impulse
ich1baN
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@felyisfana1996, Yes we are finished testing 30k - each subsequent test is weaker for the bears - notice the first test dipped through it and then this most recent one didn't get as close to 30k due to bulls being too strong. It's clear we are in a Wyckoff Accumulation Pattern Phase C
@redbully27, agree i also believe if it didn't break 40k it will retest 30k and break to 28k, but for now i believe 40k will likely break, ty guys for your comment newbie here