If we ever see a SOS sign of strength from Bitcoin, which we will its just a matter of time, I predict Bitcoin will tackle $90,000 based on PnF count and Wyckoff Accumulation models. Let's go through the 9 tests for Accumulation one at a time, then I will explain the prediction. 1. Downside price objective accomplished -- Bitcoin's downside projection from it's distribution weeks ago and the subsequent reaction reached and passed it's $39000 price projection (Based on PnF count). So check. 2. Preliminary Support, Selling Climax, and Secondary Test, all check. 3. Activity bullish, check diminishing volume on reactions. 4. Downward trendline penetrated check. 5. Higher lows, check. 6 Higher highs, this is the one that is not quite there yet but will be the first time we see a sign of strength. 7. Stronger than the market, since bitcoin is usually the coin others look to as a market indicator we would have to turn to the tech industry or gold or some other market as an indicator, so I won't dive into that and we will just check this one based on bitcoins past rallies. 8. Base forming, yes there is a clear horizontal support forming at around $30000. 9 Upside profit potential is at least 3 times the loss if initial stop loss is hit. Yes and I'll explain, Based on the PnF count so far for this accumulation trading range, the PnF according to the chart is counted at 50 for the range. 50 x's and o's cover the 5 phases of the accumulation trading range. 50 x 400 x 3 =60000. 60000 +30000 gives us $90,000 as our price projection and we can give it a range too 60000+28250 = 88250 ---- 90000 is the range and this potential profit of nearly 60000 is far superior to the loss realized if Bitcoin stops out at 28250. This is how I see it based on my understanding of Wyckoff's method of analyzing a market.
