Best as I can tell, the Wyckoff accumulation range is starting to set up here. It was not as dramatic as I first thought, however, the price objectives remain similar. I am doing Wyckoff schematic modeling on these.
We had distribution an the ascending channel, and we are now setting up for accumulation on the descending channel.
The resistance levels (based on Binance USDT prices) I feel like we are going to be retesting are 46k and 45k.
As you can see, prices jumps have changed characteristics. We are no longer getting stronger selloffs, but stronger buying, which is a characteristic of accumulation and so is the descending channel. For now, the trading range is getting a bit more and more defined and I expect our next drop to 46100 - 46200 to be all but confirmed (ST in B).
The retest at 45k I'm showing as a Spring type event, mostly because it seems to fit the mold for the range. Keep in mind that there are two types of accumulation schematics. One that has a Spring type event, and another that does not. So at this point, the Spring event in my model is a guess, although you would think that that range would be retested, and the best way to represent that type of price action is through a Spring event.
The picture overall on a larger timeframe is that we are in a distributive environment:
The reason I expect prices to rise is because we are now in a SOW Phase D having exited the main yellow trading range where price shoots down, and retraces back up into the trading range and consolidates for a bit before a much larger drop is to be expected.
We had distribution an the ascending channel, and we are now setting up for accumulation on the descending channel.
The resistance levels (based on Binance USDT prices) I feel like we are going to be retesting are 46k and 45k.
As you can see, prices jumps have changed characteristics. We are no longer getting stronger selloffs, but stronger buying, which is a characteristic of accumulation and so is the descending channel. For now, the trading range is getting a bit more and more defined and I expect our next drop to 46100 - 46200 to be all but confirmed (ST in B).
The retest at 45k I'm showing as a Spring type event, mostly because it seems to fit the mold for the range. Keep in mind that there are two types of accumulation schematics. One that has a Spring type event, and another that does not. So at this point, the Spring event in my model is a guess, although you would think that that range would be retested, and the best way to represent that type of price action is through a Spring event.
The picture overall on a larger timeframe is that we are in a distributive environment:
The reason I expect prices to rise is because we are now in a SOW Phase D having exited the main yellow trading range where price shoots down, and retraces back up into the trading range and consolidates for a bit before a much larger drop is to be expected.