Hi guys, You can spot a clear schematic of accumulation behaviour on BTC market. you can find references about the very similar schematic on famous websites. BUT BUT there are signs of weakness in this pattern formed in BTC. first of all (but not least important), on ST points (Secondary test points), we have two exceptions: 1. We have more than 2 ST points, which is not a very bad sign by itself, but the problem is that we prefer to see low selling pressure or volume (or at least low price tails below recent supports (which neither are met in this pattern)
2. third ST point is totally unrelated to a swing. its a drop. with high momentum but with most of the volume at the very bottom. so we can't relate to that either.
there is an exception in SC too. we'd prefer to see a more clear SC. but Selling climax has built a zone instead of a valid clear support. that's why in higher timeframes we can't really spot a major low (to consider in our drawings)
Feel free to ask questions in Comment section below!
Maybe “they” set a trap for people like you that are looking at Wyckoff schematics. Lol. Just kidding. It good idea and I found it useful. Thank you.
Finnovin
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@Walter_White_2021, This theory has always been a paradox in technical analysis. a cause and effect paradox in our way of thinking... but the truth is: there's no difference. as long as you're deducing the next step in market, it doesn't matter whether you believe in the forward or backward cause/effect mechanism.
kievanrusbazaar
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Nice idea! I've also published a Wychoff accumulation pattern idea couple weeks ago but, where the accumulation was over a year and our recent 25k was the spring and just recently the test.
AO indicator also showing a nice sign.
And after so many consecutive weekly red candles, we're do at least for a bounce and then, if Bitcoin decides to, the bears can have their 20k lol.
Finnovin
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@kievanrusbazaar, Thank you for your useful Idea. I've checked your Wyckoff idea just now. It's too much large-scaled and also as I could get the point, you were trying to find a RE-accumulation pattern.. right? btw, we can discuss it more if you want. we can have an online chat to discuss this. I think the Wyckoff pattern you found needs some edits and reconsideration and also, I, as the one who reads it, can not find exactly where the Phase A elements are in your TA. although.. I've read the caption and that was really useful. I've learned a lot.