Phase B looks a bit scuffed but this looks like big operators wanting to lure some people into thinking it's going to pump. I believe we are still going to downtrend after any potential pump that may come from this. The 5d and 3d are losing positive momentum quickly and that will mean a downtrend most probably.
Trade active
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UPDATE: LOOKS LIKE MY ANALYSIS WAS CORRECT. Outbreak confirmed.
wyckoffs are also long-term plays . This accumulation is only 6 days old. Looks to me like a continuation from the previous run up.
keyboardcruiser
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@ManiEhh,
This is correct at large, but one can find shorter term accumilation and distribution all over the markets. After all, Wyckoff's methodology is to find big operators manipulating markets. We know this happens all the time, not just on the long term. What I have charted looks strongly like reaccumilation in a longer uptrend (the one that started approxd 25th July).
Indeed because the accumilation is only 6 days old, we can not expect a long lasting pump from this.
keyboardcruiser
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UPDATE: LOOKS LIKE MY ANALYSIS WAS CORRECT. Outbreak confirmed.
djcbtv1
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Good TA with Wyckoff Accumulation pattern. Question is how much of a down trend will we see?
keyboardcruiser
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@djcbtv1,
I expect to see a last retest of the 50k area before we see a big down swing to 42k and eventually below 40k.
ManiEhh
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wyckoff accumulation is to the upside and wyckoff distribution to the downside isn't it...?? This chart is a classic wyckoff accumulation which is bullish
You are correct - accumilation is indeed a bullish structure in which big operators are trying to shakeout sellers. What I mean to say is that the resulting pump from this accumulation will be used as opportunity to unload all the BTC positions the big operators have left. It will pump to 50k~ish over 5 days max, then dump down to 40k. This pump will not last, even though it's highly likely to occur.
ClearOpenDoor
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@keyboardcruiser, Incredibly prescient! For me the hourly candles after that massive sell-off candle were concerning. The way price was trying to push up like that and then consolidated. I almost closed my short then and flipped long. Unfortunately I don't know how high this is going, so thought it best to just stay short and pray they can't take it too far back above 50.