BITCOIN 😲 Wyckoff Accumulation 👍 Short term reversal...

Now that US Markets have opened up... I'm starting to see clues of a bottom reversal.

Bearish volume has been declining... 👇 while the price has been dropping. 🤷

Effort < Result.

At this stage with low volume and prices appearing to be creeping up (on the lower timeframe)... this could be a sign that sell pressure is exhausted and whales are accumulating quietly... 🐳

🚨 Still a work in progress! No guarantees this will play out.

Note

Still on track for a bottom reversal... markets are Extreme Fear
alternative.me/crypto/fear-and-greed-index/

Whales may be quietly accumulating on low volume.

1) Need to flip that 1H - 200 EMA to Support
2) Volume should start increasing as retail traders get interested again.
3) Price needs to get to the $43,000 Resistance Line
4) Reversal is only confirmed with a huge Volume Spike...

Note

🚨 BItcoin volume really needs to start picking up in the next 24-48 hours and price needs to get to SOS resistance at $43K or this could be a bull trap and failed Wyckoff Pattern (at least on the 1H timeframe) and more like a Bear Flag on 4H timeframe ☠️

Note

🚨 Bitcoin really needs to have bullish volume enter now... a drop below the Selling Climax at $34,000 would be painful. So, please be MENTALLY PREPARED for that scenario. 🧘

I have updated this Wyckoff Accumulation schematic to reflect this extended sideways consolidation, which is taking longer than I feel comfortable with. 😩

Personally, I'm not selling anything... just staying the course until Q4 before taking profits! 😎

Note

Finally, Bitcoin flips the 1H 200 EMA to support. A few bullish volume spikes show clues that retail traders may be flipping bullish. Just need more volume now.

Note

Just updated Wyckoff Schematic to be more detailed and precise.
✅1) Need to flip that 1H - 200 EMA to Support
🟡2) Volume should start increasing as retail traders take positions.
🟥3) Price needs to get to the $43,000 Resistance Line
🟥4) Reversal is only confirmed with a huge Volume Spike... 🔥🚀

Note

As bullish volume expands, this is the phase of the Wyckoff schematic where traders will look to go Long.

✅1) Need to flip that 1H - 200 EMA to Support
✅2) Volume should start increasing as retail traders take positions.
🟥3) Price needs to get to the $42,000 Resistance Line
🟥4) Reversal is only confirmed with a huge Volume Spike at Sign of Strength... 🔥🚀

Note

BITCOIN x Wyckoff Accumulation appears to have failed... 😭
Only sign of hope is the lack of increasing Bear Volume in relation to price dropping. (Effort < Result)
Without Bullish Demand... the only chance of a reversal is a Short Squeeze by whales at $30,000...

Note

BITCOIN -- Supply and Demand ⚔ Battle Is Coming to a Close! (after 25 days of agony 😓) Volume in relation to Price (Effort and Result)... have shown that Bears 🐻 had no follow-thru and the Bulls 🐂 gave clues of accumulation with increasing volume spikes. 🐍

✅1) Above 1H - 200 EMA to Support
✅2) Bullish volume increasing as retail traders take long positions.
🟥3) Price needs to get to the $42,000 Resistance Line
🟥4) Reversal is only confirmed with a huge Volume Spike at Sign of Strength... 🐍🔥🚀

🤪I can't believe it's been ranging sideways for nearly a month! (25 days to be precise.) I believe Bitcoin may take the lead, while the Altcoins may lag behind and range sideways for an extended time.

ChartCinema

Also on:

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.

ChartCinema

Also on: