Bitcoin in reaccumulation stage - Wyckoff method
❓ What is reaccumulation? It is a trading range within a continuing uptrend.
🔸 Applying Wyckoff logic to the Bitcoin trading range gives us picture that shows reaccumulation after shakeout.
🔸 Absorption of supply happened in the trading range with strength and without violation of support.
🔸 The high of 10400+ and low of 7900+ (depending on the exchange you are trading on) might violate the common rules of Wyckoff reaccumulation. But conserning these volatile moves as a deviations out of the consolidation we see that the only purpose was to take liquidity. I believe that such wicks on Bitcoin are not of great importance.
🔸 A jump across the creek with the formation of SOS (sign of strength) will be a confirmation of an uptrend.
❗️ Reaccumulation can potentially have Spring action. Usually flat or sloping down formations have one.
🚫 Failing to get back quickly into the range after Spring will be a sign of weakness (SOW), that might lead price downwards.
🔸 Applying Wyckoff logic to the Bitcoin trading range gives us picture that shows reaccumulation after shakeout.
🔸 Absorption of supply happened in the trading range with strength and without violation of support.
🔸 The high of 10400+ and low of 7900+ (depending on the exchange you are trading on) might violate the common rules of Wyckoff reaccumulation. But conserning these volatile moves as a deviations out of the consolidation we see that the only purpose was to take liquidity. I believe that such wicks on Bitcoin are not of great importance.
🔸 A jump across the creek with the formation of SOS (sign of strength) will be a confirmation of an uptrend.
❗️ Reaccumulation can potentially have Spring action. Usually flat or sloping down formations have one.
🚫 Failing to get back quickly into the range after Spring will be a sign of weakness (SOW), that might lead price downwards.
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✅ Chart update:
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Following the previously outlined plan:
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