Sawcruhteez

Bitcoin Price Action Extra - Wyckoff Accumulation

Long
BITSTAMP:BTCUSD   Bitcoin
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The 4h chart looks like Schematic #1 of Wyckoff Accumulation Pattern. We have jumped the creek and created a higher low which is where I get very interested in this pattern. The higher lower after jumping the creek is point #12 in accumulation and that is Wyckoff's favorite entry point. If price breaks through the horizontal resistance lines and throwsback for a retest then that would be the second LPS / point #14 which is his 2nd and final entry point. This indicates to me that the market has had the chance to consolidate properly before the expected market period.

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Consensio on the same time tends to agree. The 200 EMA has supported multiple attempts and the 50 is squeezing sufficiently. This is where the higher low and the 9 EMA is most important to me. I really want to see price support above the prior higher low ($7,680) and for that to be followed by a bullish cross with the 9 EMA. If that happens then I will feel very confident that we will be ready for the all excited markup period : )

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