Wyckoff Breakout & Markup (day chart theory)
Lets assume there are composite operators in the bitcoin space.
We had a spring at $6763 - check
We had a accumulation range - check
We had a breakout - check
RSI + MFI need momentum reset - which indicate that a throwback could potentially happen. But a pull back to reset the momentum will happen.
We had a spring at $6763 - check
We had a accumulation range - check
We had a breakout - check
RSI + MFI need momentum reset - which indicate that a throwback could potentially happen. But a pull back to reset the momentum will happen.
Nota
Point of control at $8114 - correlates with kijun-sen (30 day moving average - default is 26 but adjusted for crypto since crypto = 24/7)High probability that price will just bounce off $8114 and continue the uptrend.
Nota
stockcharts.com/school/doku.php?id=chart_school:market_analysis:wyckoff2wyckoff breakout and markup
Nota
imgur.com/a/wjq9gzA1 hour chart on tensorcharts.com we see 90 + BTC sell volume above the $9000 and higher prices. This could indicate institutional sell volume.
With the large trade tracker you can (to limited extend) differentiate retail and institutional volume.
If we see more institutional sell volume at $8500 Next support will be at $8100.
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