#Bitcoin Wyckoff Re-Accumulation Scenario Before $100k
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Hi all,
I've shared Wyckoff Accumulation scenarios in my previous analysis, but there is another scenario in case the secondary re-test at 30k is successful.
That is the re-accumulation.
Re-accumulation occurs in long term up trends resulting with continuation. Given we are in a bull market and just in the middle of the bull run, it is more likely to happen than a breakdown below 30k.
Currently we have just had a climactic selling action with huge volume, followed by the selling climax as low as $31.111 following a bounce ending at $40.841 which is now the top of our trading range for the re-accumulation period. Automatic rally (AR) will follow down towards 30k and this area will be re-tested.
I believe 30k will hold, given the bull market, however if it breaks down my accumulation scenarios come in to play.
Notice that even when 30k holds, it will be re-tested multiple times and there will be a beartrap / spring / shakeout moment in the end in order to determine #Bitcoin's readiness to move. We can go down as low as $28.130 within few minutes, with low volume, hunting all stop losses and this will be the start of the new markup / uptrend towards 883K+ by mid August and a new distribution play will begin, topping around 100k
So, until the shakeout moment, we will be trading between $40.841 and $31.111 probably hovering around $30.322 and $28.130 as the dip of the shakeout.
Wow, what a setup in play!
Further reading:
school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method
I've shared Wyckoff Accumulation scenarios in my previous analysis, but there is another scenario in case the secondary re-test at 30k is successful.
That is the re-accumulation.
Re-accumulation occurs in long term up trends resulting with continuation. Given we are in a bull market and just in the middle of the bull run, it is more likely to happen than a breakdown below 30k.
Currently we have just had a climactic selling action with huge volume, followed by the selling climax as low as $31.111 following a bounce ending at $40.841 which is now the top of our trading range for the re-accumulation period. Automatic rally (AR) will follow down towards 30k and this area will be re-tested.
I believe 30k will hold, given the bull market, however if it breaks down my accumulation scenarios come in to play.
Notice that even when 30k holds, it will be re-tested multiple times and there will be a beartrap / spring / shakeout moment in the end in order to determine #Bitcoin's readiness to move. We can go down as low as $28.130 within few minutes, with low volume, hunting all stop losses and this will be the start of the new markup / uptrend towards 883K+ by mid August and a new distribution play will begin, topping around 100k
So, until the shakeout moment, we will be trading between $40.841 and $31.111 probably hovering around $30.322 and $28.130 as the dip of the shakeout.
Wow, what a setup in play!
Further reading:
school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method
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