Is this a Fake Out?
So far, this Wyckoff Accumulation phase is playing out pretty perfectly. I noted yesterday that my only concern at the time was the high volume that undid the Spring's dip. As I look at how it's playing out now (still on track), I'm wondering now if that wasn't a spring, but instead another test/fake out.
On the 4 hour, it only stayed near that hammer's low for a single candle before retracing back up to support. Does that duration, plus the high volume, signify a failed Spring test?
I'll need confirmation that BTC successfully tests the bottom of the Trading Range at 33.4K. If it doesn't, then I'm looking for any indication that it wants to break below that 31.2K support line. It might take another swing at clearing more paper hands and try a Spring for real this time. Keep an eye on it.
On the 4 hour, it only stayed near that hammer's low for a single candle before retracing back up to support. Does that duration, plus the high volume, signify a failed Spring test?
I'll need confirmation that BTC successfully tests the bottom of the Trading Range at 33.4K. If it doesn't, then I'm looking for any indication that it wants to break below that 31.2K support line. It might take another swing at clearing more paper hands and try a Spring for real this time. Keep an eye on it.
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