Hi there traders.
This is an update on my previous idea which looked at BTC both in long there and short term time frames using Eliott Wave and Wyckoff analysis. Make sure to check it out here for this analysis to make more sense
On the weekly chart below there's no resolution from two weeks ago. Mrkt is consolidating, holding highs but not able to push past overhead resistance
Though looking at the PA in daily, we can see that the Wyckoff story is evolving toward bullishness.
The largest question for me was whether the supply bar that leads to June 11 low was more or less bearish. The hammer bar on June 15 definitely adds evidence to the bullish side, where the area below the trading range (TR) is a zone of value, and strong hands are absorbing the security at these levels.
The PA that follows is also quite labored and with decreasing volume signature, which signals the contraction of supply and makes the market primed for an up thrust.
Bottom Line:
I still think this is a great area of accumulation. There's at least ONE MORE leg up. Short/medium term I'd be bullish but we're definitely coming close to lots of vulnerability for a downtrend,
which is evident in a recent ETH price analog that I found and will just concisely post below:
after the analog finished in 2018 the price makes a final downtrend, and a strong one. You should check it out for yourself as analogs are highly subjective
This is an update on my previous idea which looked at BTC both in long there and short term time frames using Eliott Wave and Wyckoff analysis. Make sure to check it out here for this analysis to make more sense
On the weekly chart below there's no resolution from two weeks ago. Mrkt is consolidating, holding highs but not able to push past overhead resistance
Though looking at the PA in daily, we can see that the Wyckoff story is evolving toward bullishness.
The largest question for me was whether the supply bar that leads to June 11 low was more or less bearish. The hammer bar on June 15 definitely adds evidence to the bullish side, where the area below the trading range (TR) is a zone of value, and strong hands are absorbing the security at these levels.
The PA that follows is also quite labored and with decreasing volume signature, which signals the contraction of supply and makes the market primed for an up thrust.
Bottom Line:
I still think this is a great area of accumulation. There's at least ONE MORE leg up. Short/medium term I'd be bullish but we're definitely coming close to lots of vulnerability for a downtrend,
which is evident in a recent ETH price analog that I found and will just concisely post below:
after the analog finished in 2018 the price makes a final downtrend, and a strong one. You should check it out for yourself as analogs are highly subjective
