Here I drew what Wyckoff's accumulation model could look like if applied to Bitcoin.
We have clearly had Phase A with the initial drop, automatic rally back up and secondary test. We have bounced around for a while in a range in Phase B, also with a secondary test.
I believe we are in Phase C, with the spring completed, being the absolute bottom of this correction. So now what? If we are in Phase C, we will slowly go back up, setting higher highs and higher lows until we reach Phase D, where we will quickly accelerate up, eventually breaking the 41-42K upper resistance of the range we are trading in. If bitcoin flips that range into support and holds, we have completed Phase D and it will be time for Phase E, where we could see some good gains once more. Of course this will not play out exactly as I have drawn here. This is to show a rough idea of where we stand if this is indeed a Wyckoff accumulation.
Note that this is for educational purposes only.
We have clearly had Phase A with the initial drop, automatic rally back up and secondary test. We have bounced around for a while in a range in Phase B, also with a secondary test.
I believe we are in Phase C, with the spring completed, being the absolute bottom of this correction. So now what? If we are in Phase C, we will slowly go back up, setting higher highs and higher lows until we reach Phase D, where we will quickly accelerate up, eventually breaking the 41-42K upper resistance of the range we are trading in. If bitcoin flips that range into support and holds, we have completed Phase D and it will be time for Phase E, where we could see some good gains once more. Of course this will not play out exactly as I have drawn here. This is to show a rough idea of where we stand if this is indeed a Wyckoff accumulation.
Note that this is for educational purposes only.