Accumulation scenario for Bitcoin.
1. Stopping action
2. Lower high. Buyers are not very active after the selloff in early September, bearish sentiment
3. Volume decreases, Higher lows. Supply is very exhausted
4. Price reaches the top of the upsloping range structure and fails. However, low volume on the resistance indicates that slling is not aggressive. Strength in Phase B.
5.price fails back to the support. Point of fear, phase C. High effort to the downside, low result.
6. Successful test (lower low, but low volume)
7.Good demand, good spreads (synchronicity). POTENTIAL Sign of Strength.
OUTLOOK: SHORT TERM BULLISH BIAS. Tactics: A retest of the dotted line would offer a low risk Point of Entry for a long. First target: top of the upsloping range.
Follow our new Wyckoff Crypto Discussion totally devoted to cryptocurrency and the Wyckoff method! It's free!
https://www.youtube.com/watch?v=ea9-j3CQJTE&ab_channel=WyckoffTradingMethod
1. Stopping action
2. Lower high. Buyers are not very active after the selloff in early September, bearish sentiment
3. Volume decreases, Higher lows. Supply is very exhausted
4. Price reaches the top of the upsloping range structure and fails. However, low volume on the resistance indicates that slling is not aggressive. Strength in Phase B.
5.price fails back to the support. Point of fear, phase C. High effort to the downside, low result.
6. Successful test (lower low, but low volume)
7.Good demand, good spreads (synchronicity). POTENTIAL Sign of Strength.
OUTLOOK: SHORT TERM BULLISH BIAS. Tactics: A retest of the dotted line would offer a low risk Point of Entry for a long. First target: top of the upsloping range.
Follow our new Wyckoff Crypto Discussion totally devoted to cryptocurrency and the Wyckoff method! It's free!
https://www.youtube.com/watch?v=ea9-j3CQJTE&ab_channel=WyckoffTradingMethod
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