Noticing the hallmarks of a Wyckoff Accumulation underway in the 4-hr timeframe. The formation of a bullish Inside Bar off the recent low signals an incoming rally. I not also the potential for an Inverse Head & Shoulders to propel price back over $50k. The manifestation of the ‘spring’ is a much lower probability, imo.
Note
Looking at the possibilities for this accumulation to end and I can discern two options as outlined in the above chart. Either price spikes lower to provide a 'spring' towards higher prices, or the rally higher resumes. Looking at the daily chart, and either way it is good news for the bulls.If the rally resumes and the current candlestick turns around and closes above $46k, we get a classic inside bar formation confirming the rally. Or if we drop lower, towards $43k, that will signal the accumulation period is closing and trigger more buying.
Here's the daily view from a Wyckoff perspective.
Note
Did someone say "spring"?Note
Well the bounce back above the AR level has taken 2 days longer than I expected, but it has done its job of bringing to market as much BTC as is possible and is now ready to continue higher. But while the timing was out a little, the form of the price action is certainly consistent with the projection.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.