Bitcoin - A Wyckoff Spring Appears
In light of the unexpected correction that occurred Sunday through Tuesday this week, and the strong rebound since, I thought it important to take another macro look at this in the context of the Wyckoff Method for interpreting the price action.
What we can see since the low of June 22 are clear correspondences to re-occurring distribution and accumulation phases in an escalating Markup/Markdown price cycle.
With the latest low looking like a picture perfect ‘spring’ for new highs, I suspect we are now moving into and extended Markup cycle, as we start tracking the milestones through the Distribution phases.
With price already rebounding over 44.8k, a Sign of Strength (SOS) above $48.8, on the other side of the new Wyckoff Creek, is a sure sign that we should be seeking to identify the next Buying Climax (BC). How high that will be is a guess, but given the maturity of this halving cycle, I suspect between 84k and 94k.
What do you think? Is the Composite Man reaccumulating to maximise profit potential from this cycle, or is it all just an irrelevant movement in what is now a bear market?
What we can see since the low of June 22 are clear correspondences to re-occurring distribution and accumulation phases in an escalating Markup/Markdown price cycle.
With the latest low looking like a picture perfect ‘spring’ for new highs, I suspect we are now moving into and extended Markup cycle, as we start tracking the milestones through the Distribution phases.
With price already rebounding over 44.8k, a Sign of Strength (SOS) above $48.8, on the other side of the new Wyckoff Creek, is a sure sign that we should be seeking to identify the next Buying Climax (BC). How high that will be is a guess, but given the maturity of this halving cycle, I suspect between 84k and 94k.
What do you think? Is the Composite Man reaccumulating to maximise profit potential from this cycle, or is it all just an irrelevant movement in what is now a bear market?
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.