Bitcoin Wyckoff Accumulation Last Point Of Support

Last night we failed to reclaim the 36k, this was an important level if we wanted to see some more upside. After getting rejected on the 36k (which was also a .236 and 0.5 fibonacci level) we fell down to test the first support level of the wyckoff model, at the time of writing it seems to hold. When this holds we could see a small increase in price but in the optimal scenario we would like to see a second test of the support before we go higher.

Therefore I think that an increase in price towards the 21 and 50 moving average is likely (~35,200) this is also supported by the 1.618 of a larger trend extension*, followed by a small price correction to retest the First Support. However, when Volume increases during the approach towards the moving averages it could be that we break through them and see another test of the 36k.

* 1.618 of the larger trend, here you can also see that the low of last night was supported by the 1.272 of a fib trend extension.

Comment:

In the last few hours the 21,50 and 200 Moving Average have been broken, now waiting for another close to validate the break of the 200MA as well if this goes well and volume goes up again an increase to 38k is possible.

Comment:

After breaking all the moving averages it seems that the price is now consolidating around the 36.6-37.2. This is also supported by the 200MovingAverage and the 21MA is closing in fast, the flag pattern is also confirmed by the decrease in volume. When there is a break to either side we would need to see volume spike to confirm this breakout. To which direction the breakout will be is uncertain, this since the a break upwards is not supported by the bigger timeframes and the breakout rates are only 44% of the time correct according to Bulkowski.