Worth_The_Ri5k

#SKY/BTC : Learning Wyckoff Accumulation Schematic #1

Long
BINANCE:SKYBTC   None
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What is Skycoin?
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"Skycoin (SKY) is an open-source, community-owned, hardware-based peer-to-peer internet that leverages the incentive structure of the blockchain.

Skycoin’s platform has been billed as 'completely secure, infinitely scalable, and ISP independent' by the project team. Skycoin is focused on security, usability, and ease of use.

Skywire, the flagship application of Skycoin, aims to decentralize the internet at the hardware level. Skywire's objectives extend beyond providing decentralized bandwidth - it also aims to offer storage and computation."

https://www.skycoin.com/
https://coinmarketcap.com/currencies/sky...

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Skycoin is in a category of Cryptocurrencies called "Web-3",

"Web 3.0 is slated to be the new paradigm in web interaction and will mark a fundamental change in how developers create websites, but more importantly, how people interact with those websites."

If the Web 3 Category of Cryptocurrencies gets some positive attention or news this would be great for Skycoin also.

https://www.techopedia.com/definition/49...

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What is Wyckoff Accumulation?
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"One objective of the Wyckoff method is to improve market timing when establishing a position in anticipation of a coming move where a favorable reward/risk ratio exists.

In accumulation, the shares purchased outnumber those sold while, in distribution, the opposite is true. The extent of accumulation or distribution determines the cause that unfolds in the subsequent move out of the TR ."

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A trading range shows us an equilibrium between buyers and sellers, and the Wyckoff Theory & Schematics give us clues to which probable direction the price may head out of the horizontal moving price structure.

In this particular example on SKY/ BTC : Skycoin we can see the highest volume on record was on the buy side when the price fell below the Horizontal Trading Range, if the price can get back inside this area it may be a good clue that it was a fakeout trapping the sellers below the range, and transferring the wealth from the fear striken to the hands of the patient for the next Mark Up phase.

See Wyckoff Links below for further knowledge & reference Schematic of Accumulation, I have also included the schematic on the chart.

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Source and more great basic intro information for Wyckoff Method:
https://school.stockcharts.com/doku.php?...

Current Schematic on Skycoin:
https://school.stockcharts.com/lib/exe/f...

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If Skycoin can find support at the 0.000045 area then a strong upside movement to 0.000063-0.000076 is possible, in the case of a Alt Season or continuous Crypto Bull Market even higher prices can be achieved once the Trading Range is claimed again.

Thank you for reading, don't forget to follow for more educational ideas and Wyckoff Templates.
Comment: Some further thoughts using candlesticks:

(Note we are resting on quite an important area)


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