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Bitcoin - A Wyckoff Spring
It is fitting that just after the Solstice we find ourselves considering terms that connote a change of season. The Wyckoff Spring, just like the Solstice, is a pivotal event that signals a change in trend. The Solstice signals a change in the trend of daylight hours in the day. The Wyckoff Spring signals a change in the trend in asset values. Or more specifically, a change from asset depreciation to asset appreciation.
Here, I have identified a Wyckoff Accumulation fractal within a larger, or Primary Wyckoff Accumulation pattern. With such a circumstance, it makes for charting a possible recovery pattern, consistent with phases C and D of the Wyckoff pattern and I have drawn a possible path above.
It is undoubtedly inaccurate, however, it will provide some waypoints by which to identify the progress of the recovery as Bitcoin moves back toward re-claiming the 50k price tag.
Things to consider about the chart in respect to future developments:
- Moving Averages – Once they start to cross, bullish momentum will increase.
- RSI – has just broken back above 30
- MACD – converging MA to the signal line, about to cross bullish
- Volume – Increasing relative to earlier periods of the bear market, with the Bulls now absorbing selling pressure.
Happy Accumulation!
Here, I have identified a Wyckoff Accumulation fractal within a larger, or Primary Wyckoff Accumulation pattern. With such a circumstance, it makes for charting a possible recovery pattern, consistent with phases C and D of the Wyckoff pattern and I have drawn a possible path above.
It is undoubtedly inaccurate, however, it will provide some waypoints by which to identify the progress of the recovery as Bitcoin moves back toward re-claiming the 50k price tag.
Things to consider about the chart in respect to future developments:
- Moving Averages – Once they start to cross, bullish momentum will increase.
- RSI – has just broken back above 30
- MACD – converging MA to the signal line, about to cross bullish
- Volume – Increasing relative to earlier periods of the bear market, with the Bulls now absorbing selling pressure.
Happy Accumulation!
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