On the lookout for Phase C Wyckoff Reaccumulation

Trading range clearly established between 38 and 28.5, phase B has been a slow grind down in to support, forcing late buyers to give up their positions.

Now on the lookout for Phase C, which could be spring action below the range or uprise off support and jumping the creek for the bullish case. If price springs but fails to return to the range (Sign of Weakness - SOW) price will quickly drop to 25, after which we'd expect a retest of the range 28.5 before a markdown lower.

Phase B may continue sideways longer but decision time is approaching, Bias still bullish until proven otherwise.

Comment:

So far looks like we have an uprise off support, want to see the change of behaviour develop and see if we now start a new uptrend. It now also looks like Nov 1st was a shakeout we can classify as phase C. Let’s see how things develop and if we jump the creek and LPS into phase D.

Comment:

Failure to break the creek, still playing around support area, have to see how this develops.

Comment:

So now currently looks like a rise of support and a change of behaviour, would like to see PA to get above .32 and then there should be some LPS point of entries as price should revisit the top of the range for a SOS / potential breakout.

Comment:

Schematic continues to develop as we failed to break above the creek. Phase B may therefore fore have continued, possibly just had a phase C spring into the support area. Again we're waiting for a break of .32 and the creek to confirm LPS and Point of Entries.

Comment:

Phase B continues to be volatile with multiple support tests (ST) and lower highs, Another potential phase C spring has developed and once again we're on look out for a jump of the creek in yellow. If this fails again it's now likely this is a SOW (Sign of weakness) as distribution and price will quickly fall. You may want to be prepared to liquidate longs to protect capital if price fails to put in a HH above the creek.

Comment:

Phase C confirmed spring, we have now moved into Phase D where you should be looking for backup phases (pull backs) to enter long (POE). Expect a retest of the range highs and looking for an SOS and breakout over the coming weeks.

Comment:

Phase D continues as expected and pullbacks should be seen as point of entries, with risk managed at each pivot. Now waiting to see if price can reclaim the mid range level at approx 0.3

Comment:

LPS Pull backs in Phase D should be points of entry (POE) if you missed the spring back into range POE. Observing price now looking for a push to range highs and an SOS outside of range.

Comment:

Bitcoin shakeout caused ONE to fail and breakdown below the range, its not clear if the previously identified phase C could now be classified as an ST and the current wick a spring or if this is now a distribution range and Phase C was a SOW and subsequent action LPSY. Price needs to get back in the range above 28.5 to continue the bullish case, otherwise price will fall quickly after a retest of 28.5 resistance.

Comment:

Failed phase D and dropped below the range with bitcoin leading the market lower, will review next week to see how things are shaping up.

Comment:

After the failed spring and phase D, PA is now moving in a bullish accumulation wedge. This LH and LL PA is forcing weak hands to sell and shorts to load up. But strong buyers coming in at the lows and pushing price up. This maybe a phase C but we'd want to see a change of character soon and break the upper trend line.