BTC Possible Wyckoff Accumulation Forming

Jun 29

It's possible that BTC is forming a Wyckoff accumulation and is currently in the secondary test (ST) below the selling climax (SC), with lower volume in the ST compared to the SC, and a bullish divergence emerging on the RSI.
This would match with people slowly starting to DCA back into Bitcoin after its significant decline and while it trades around the weekly ma200 and at the power law support.
A relief rally would become more likely above 62k, but there is still a risk of another sell off at the end of the year forming a spring bottom.

Aug 21

Note

It reached the target for Phase B. The momentum and candle ranges are way stronger than expected for a Phase B, so this looks more like a sign of strength (SOS). It's more tricky now, if it would break above 83k with volume the pattern would be invalidated. Personally I book profits on leverage and keep spot.

Also the market bottomed after Saylor started to sell BTC and the risk of him becoming a forced seller vanished. So if Saylor buys back these BTC at the top of the range, it would be a red flag. He would likely get whipsawed.

Aug 27

Note

The current move is very similar to October/November 2023. If it keeps chopping up and reset indicators the wyckoff accumulation will be invalidated (while holding above 76k).