bitcoin finishes up correction
Wrote the schematic of a Wyckoff accumulation on the chart of bitcoin.
Schematic explanation:
Starting with a sellng climax (SC) and a secondary test (ST) where volume is still great. After phase a completes, volume starts to diminish and liquidity gets created by the secondary test in phase B (ST B). This liquidity trendline gets taken out by the forming of the SPRING. Here volume starts kicking in again and structure to the upside gets broken.
What’s next: very often after a spring is created and we break structure to the upside, we create a sign of strength (SOS) and come back down towards the spring to test it (black arrow). If this will happen is still uncertain.
Big picture:
The reason I’m looking for a reversal point (Wyckoff accumulation is a point of reversal), is because bitcoin has just entered my 3D point of interest, ranging from around 29.3k 34.5k. This is where we should see bitcoin reverse and start pumping again. If we drop below this point of interest however, we could be looking at a lot more downside in the near future.
Schematic explanation:
Starting with a sellng climax (SC) and a secondary test (ST) where volume is still great. After phase a completes, volume starts to diminish and liquidity gets created by the secondary test in phase B (ST B). This liquidity trendline gets taken out by the forming of the SPRING. Here volume starts kicking in again and structure to the upside gets broken.
What’s next: very often after a spring is created and we break structure to the upside, we create a sign of strength (SOS) and come back down towards the spring to test it (black arrow). If this will happen is still uncertain.
Big picture:
The reason I’m looking for a reversal point (Wyckoff accumulation is a point of reversal), is because bitcoin has just entered my 3D point of interest, ranging from around 29.3k 34.5k. This is where we should see bitcoin reverse and start pumping again. If we drop below this point of interest however, we could be looking at a lot more downside in the near future.
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