Hi all,
my view on current BTC price action through Wyckoff goggles. See my comments about volume profiles in the chart.
At this stage it is certainly too early to conclude if this is either Distritbution or Reaccumulation.
I lean towards a Reaccumulation scenario right now while considering other secondary TA like:
- divergences on RSI, MACD and Stoch,
- break of the log line
- holding of 8900 support for quite some time now
- apparantly bullish symmetrical triangle forming
- Pumping of Alts
We are about to see how it plays out. I believe we will see a spring reaction at the E-Wave of the triangle which should take the price above 10k and confirm the SOS (Sign of Strength) scenario.
Otherwise if we fall below 8900 and therefore a bearish breakout of the symmetrical triangle we might see a SOW (Sign of weakness) scenario play out. This will make a Distribution scenario more likely.
We also may see more secondary tests (ST) of current support levels and go more sideways for a while which would be a bullish sign.
Cheers,
Barren
my view on current BTC price action through Wyckoff goggles. See my comments about volume profiles in the chart.
At this stage it is certainly too early to conclude if this is either Distritbution or Reaccumulation.
I lean towards a Reaccumulation scenario right now while considering other secondary TA like:
- divergences on RSI, MACD and Stoch,
- break of the log line
- holding of 8900 support for quite some time now
- apparantly bullish symmetrical triangle forming
- Pumping of Alts
We are about to see how it plays out. I believe we will see a spring reaction at the E-Wave of the triangle which should take the price above 10k and confirm the SOS (Sign of Strength) scenario.
Otherwise if we fall below 8900 and therefore a bearish breakout of the symmetrical triangle we might see a SOW (Sign of weakness) scenario play out. This will make a Distribution scenario more likely.
We also may see more secondary tests (ST) of current support levels and go more sideways for a while which would be a bullish sign.
Cheers,
Barren
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Accidentally updated in comment section. See below