I've tried to implement the Wyckoff Method on this 8 hours chart of BTC USD pair. Today's dip, 28K area, might as well be the "Spring" part of the method. Either way, whether it's spring or ST in phase B, I think we will hit 40K area once more in the upcoming days.
And that hit will be decisive for us whether todays dip is spring or ST in phase B. If we break and close above AR, the resistance zone, then I think we're good to go to continue our bull run. If not, then 28K maybe counted as ST in phase B and we should look for the spring. By the way, there's another chance of no "spring" at all according to Wyckoff Method. If we consider todays dip as ST in phase B like in the chart above, then we might not even get a spring at all. That's the 2nd scenario of Wyckoff accumulation method.
Check the 2 schematics below to see it for yourself, to understand his methods and 2 different accumulation scenarios, considering 28K dip as "ST in phase B" or "spring". Check the related ideas too. We may as well be in the red arrow scenario in the "A parallel world of Bitcoin" chart.
PS: Not a financial advise, just an idea. Trade responsibly. Note: Dates on the chart are for reference only. Do not take them under consideration at all.
Hey guys. So lately I've begun to think that we haven't even started Wyckoff Accu phases. This I'll still follow up but may need a new one soon. Take care.
Except hitting the resistance in phase B, this seem to be worked out. As long as we've turned that resistance into support (42K-43K area), we'll be good in the long term.
@burakb, Yeap, I know that god damn evil twin. (: just waiting to see weekly close and might alternate to this scenario then.
keepATLfunky
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You may be on to something here. We could still be in Phase B. Watching out for that 40k and see where it bounces from there
makhovaa1
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Some think we are in Phase C today....
koklucinar
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@makhovaa1, Yeah I know, just like I already stated in the description. That is also highly possible and as I said, when we are at 40K resistance area in the next few days, that will be decisive if we're still in B or C. This is just another way to look at things imo.