Now Bitcoin continues to follow THIS pattern! Globally, Bitcoin is in a larger consolidation channel with a range of $30-67K. This consolidation is not a bear market until the price creates lower lows. Right now we see on the chart higher highs (HH) and higher lows (HL) on the higher timeframes(1d,1w)!
Bitcoin exactly repeats the Wyckoff Reaccumulation pattern, which is shown on the chart, almost by 100%. If the price continues to repeat all movements of this pattern, we will soon break up the upper border of this channel and renew the ATH, after what Bitcoin can continue to rise to the next global targets.
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P.S. Personally, I open an entry if the price shows it according to my strategy. Always do your analysis before making a trade.
Nice Wyckoff Based Analysis, personally I would love to see the other Wyckoff Schematic play here
watchtrend
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@Worth_The_Ri5k, Nice trend BTC are into new cycle trend as it looks good, and that's only good for the trend.
Worth_The_Ri5k
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@watchtrend, Watching 51k area aswell, definately a key area
Rens_Hoeven99
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@Worth_The_Ri5k, I'd say this is bearish hopium. Reaccumulation channels are horizontal and not upward sloping, right. Look at Roman Bogomazov's ''Reaccumulation with uprise''. The price action and characteristics are way more of a match than the spring variant.
Worth_The_Ri5k
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@Rens_Hoeven99, I get what your trying to say but your statements are incorrect.
Reaccumulation is not fixed to being horizontal lol..
You do realize schematics are a system to recognize the characteristics of a trading range, that trading range can be in any angle it wants, they are a rough guide, not a chart pattern.
Roman Bogomazov said it himself that the schematics are for general reference
Worth_The_Ri5k
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@Worth_The_Ri5k, Current price action on Bitcoin, heres a great example of a rising Reaccumulation.
In extreme bull markets, there's no Rule stating a reaccumulation cant be on a slanted angle.
Even Roman Bogomazon who you mentioned uses them quite frequently like this i believe.
Just my 2 cents.
Worth_The_Ri5k
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@Worth_The_Ri5k, Also the chart for LUNA would make a great candidate here
Rens_Hoeven99
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@Worth_The_Ri5k, Yes, I think I didn't properly explain myself here. You're correct when you say the price range in a reaccumulation isn't fixed horizontally. Price action can slope upward, best seen in the uprise-variant (which is the one you show the comments here), and it can also slope downward, like in the spring-variant. What I meant to say is in order to properly identify the correct variant, it helps a ton if the support and resistance lines are drawn horizontally. That way it's easier to see the slope of the price action relative to the reaccumulation range. Now back to your initial post, your schematic (spring-variant) has the key characteristic of sloping downward. So far, like your price action trendlines show so well, the price range within this larger reaccumulation has instead been sloping upward relative to the horizontal support and resistance lines of the schematic. This just doesn't make any sense in my head tbh, you're combining a downward sloping schematic with an upward sloping price range... I hope you get what I'm trying to tell you.
Worth_The_Ri5k
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@Rens_Hoeven99, Yeah, you explained well, and my point is the same dude, angle of the trading range is irrelevant
You think because a range is on a 15 degree angle instead of a 0 degree angle its suddenly not a range or suddenly not reaccumulation? There are Springs in ranges on 45 degree angle and upwards or downwards slanted angles aswell.
The whole idea of a analyzing a trading range with Wyckoff is the characteristics of VOLUME matched with price tell you which phases and characteristics are showing, giving you ideas of the best potential places to enter your trade.
Every range is unique, Wyckoff schematics are not a chart pattern, they are a system to trade a range, the schematic is a GUIDE of what to look for to identify that system within the range.. If the range forms and a spring occurs, regardless of the angle of the range, if a uptrend occurred beforehand your trading range is Reaccumulation as long as Mark Up phase continues after the breakout of that range