Bitcoin Wyckoff Accumulation Cheat Sheet (Update 2)
Update on previous cheat sheet after the recent massive short squeeze on Bitcoin. Trendlines and support/resistance levels mostly unchanged.
We had a protracted Phase C second test followed by a move into Phase D which was confirmed after we broke out of the trendline at 33k.
Sign of strength came from a massive short squeeze as we broke through 35-36k.
This update reflects my optimistic view that we are able to break and hold above 41k shortly and build up enough momentum to break the most important line in crypto as coined by @JordanLindsey, which will take us into Phase E of this Wyckoff Accumulation. I won't be surprised if we come back down to retest the 34-36k region first.
Will continue updating along the way. Likes, comments, constructive criticisms and cheers very much appreciated!
Inspired by:
@bbrijesh
@JordanLindsey
@VincePrince
We had a protracted Phase C second test followed by a move into Phase D which was confirmed after we broke out of the trendline at 33k.
Sign of strength came from a massive short squeeze as we broke through 35-36k.
This update reflects my optimistic view that we are able to break and hold above 41k shortly and build up enough momentum to break the most important line in crypto as coined by @JordanLindsey, which will take us into Phase E of this Wyckoff Accumulation. I won't be surprised if we come back down to retest the 34-36k region first.
Will continue updating along the way. Likes, comments, constructive criticisms and cheers very much appreciated!
Inspired by:
@bbrijesh
@JordanLindsey
@VincePrince
I consider the Wyckoff Accumulation completed, as we move towards 50900 to complete Phase E.
On to the second phase of the 2021 crypto bull run my friends!