$BTC Bull Hopium. π
As always, take the idea with a grain of salt. I'm simply putting some things on the chart of how it could play out but as we know there are many uncertainties and we have absolutely no confirmation as of yet.
Explanation and thoughts below π
1/x
As always, take the idea with a grain of salt. I'm simply putting some things on the chart of how it could play out but as we know there are many uncertainties and we have absolutely no confirmation as of yet.
Explanation and thoughts below π
1/x
So far, I was surprised by how close $BTC is still trading to the previous cycle low of $17.5K. Obviously the market is partially being supported by the rally in equities and fall in $DXY last week which definitely helped.
2/x
2/x
Due to $BTC still trading here, it could shape up to currently be in it's "spring" stage if this does turn out to be an accumulation range.
Whether the latter is true or not only the future can tell us. Anyone that claims to know that for certain is lying or an oracle π
3/x
Whether the latter is true or not only the future can tell us. Anyone that claims to know that for certain is lying or an oracle π
3/x
You may notice how the chart is not a 1:1 copy of the Wyckoff schematic. It never is.
5 important points to note:
4/x
5 important points to note:
4/x
1. SC = Selling Climax. This means that the majority of volume/assets traded occur there. In this case some exchanges have seen a recent new high in volume vs the June low and some exchanges did not see a higher volume. So it's a bit random in this case.
5/x
5/x
2. The ST (Secondary Test) in phase B doesn't HAVE to make a new low which it didn't do here.
There can be multiple tests of or in proximity of the low which I'd argue would be the low 18K area we see on the chart.
6/x
There can be multiple tests of or in proximity of the low which I'd argue would be the low 18K area we see on the chart.
6/x
3. IF this would get back into the range above $17.6K then you'd ideally want to see lower volume on the test(s) implying that supply as dried up around that area. If there's still very high volume on the test the asset is often not ready to mark up.
7/x
7/x
4. I'd say this is still a very early idea to watch for. Price has to get back into the range asap for this idea to even make some sense. So keep your eyes peeled on $17.6K which would give some confirmation.
8/x
8/x
5. When drawing the doodle I did not put time/duration into consideration too much. I'd say if this plays out it likely takes 1-3 months to get to the top of the range.
Don't attach too much value to the timing (or anything for that matter).
9/x
Don't attach too much value to the timing (or anything for that matter).
9/x
Thought I'd share. I do believe this could play out but like I mentioned, we need some confirmation first.
I will update the thread if we retake the range and make progress.
I hope you've found this useful :)
10/x
I will update the thread if we retake the range and make progress.
I hope you've found this useful :)
10/x
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