Bitcoin in accumulation phase again ?
In the past month, Bitcoin has respected the perfect market phases that describes Wyckoff.
A big accumulation phase between 5800 and 6900 during more than a month. A re-accumulation around 7400 and a distribution phase. The distribution doesn't look as neat as wyckoff describes in his theory. The ETF decision being postponed and the liquidation of #1 holder at Okex may have caused this weird shape.
On the way down we had a re-distribution phase and we are now consolidating between 6000 and 6600.
There's a scenario that we have to keep in mind :
Market will find its bottom once it has taken all the money of amateur traders. This will happen by creating a long and slow decrease in price, thus damping the hopes of everyone when we go up.
Once we have that kind of reaction to pumps, that's when market has bottomed.
Considering that, I wouldn't be surprised that MMs try to push price one more time before we have our final dump below 5k. The longer the consolidation, the bigger the next move. So if this is indeed an accumulation phase, I can see price push as high as 7300, thus retracing to the 50% fib.
In a bearish scenario, this could also be a distribution phase but as of now, the south-wicks indicate that big players are supporting price.
A big accumulation phase between 5800 and 6900 during more than a month. A re-accumulation around 7400 and a distribution phase. The distribution doesn't look as neat as wyckoff describes in his theory. The ETF decision being postponed and the liquidation of #1 holder at Okex may have caused this weird shape.
On the way down we had a re-distribution phase and we are now consolidating between 6000 and 6600.
There's a scenario that we have to keep in mind :
Market will find its bottom once it has taken all the money of amateur traders. This will happen by creating a long and slow decrease in price, thus damping the hopes of everyone when we go up.
Once we have that kind of reaction to pumps, that's when market has bottomed.
Considering that, I wouldn't be surprised that MMs try to push price one more time before we have our final dump below 5k. The longer the consolidation, the bigger the next move. So if this is indeed an accumulation phase, I can see price push as high as 7300, thus retracing to the 50% fib.
In a bearish scenario, this could also be a distribution phase but as of now, the south-wicks indicate that big players are supporting price.
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