Wyckoff Accumulation Scenario - BTCUSD
Hey guys,
It seems we could be in a Wyckoff accumulation pattern right now...
Currently, we're in phase C, waiting for the spring that will break existing supports, go down into the $4-5k range, and then spring up.
During the next 2 months, the SEC will decide on 9 Bitcoin Elf's, and we should know the outcome by the 30th of September. Personally, surely, at least one ETF will get accepted
Right now, the market sentiment seems bearish... In forums, I've heard of crypto whales with millions, waiting for the price to reach the $4k-5k range.
The market needs a nice solid spring into the $4-5k range, that will finally shut the bears up, and convert them into bulls.
Anyways, let's see how this turns out in the next couple of weeks...
Remember,
Patience is paramount!
Good luck!
It seems we could be in a Wyckoff accumulation pattern right now...
Currently, we're in phase C, waiting for the spring that will break existing supports, go down into the $4-5k range, and then spring up.
During the next 2 months, the SEC will decide on 9 Bitcoin Elf's, and we should know the outcome by the 30th of September. Personally, surely, at least one ETF will get accepted
Right now, the market sentiment seems bearish... In forums, I've heard of crypto whales with millions, waiting for the price to reach the $4k-5k range.
The market needs a nice solid spring into the $4-5k range, that will finally shut the bears up, and convert them into bulls.
Anyways, let's see how this turns out in the next couple of weeks...
Remember,
Patience is paramount!
Good luck!
Comment:
Here's a chart a made 1 month earlier, showing a major trend line, that I think needs to be touched down ($4-5k range), and will signal the bottom for this year...
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My chart assumes that at least one BTC ETF will get accepted by the SEC by Sep 30. If it doesn't, then expect phase C, D and E to take much longer in time to form.
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Alts seem to be going down a lot in these past few days, even when BTC is just trading sideways in the 6250-6500 range... I think this show people are getting out of the market, and are expecting the price to get lower in the next few days.
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This is what may happen. A push towards 7200, to touch the trendline, and then down it goes for it's last time.
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New Bitcoin trendline? Previous resistances, become new support?
