Wyckoff Accumulation playing out
We just reached our Wyckoff Accumulation Phase B target, exactly as I predicted (or a lucky guess), which i drew on my chart back at the red circle in early June. We will likely retrace to 0.382 and push slightly higher (around 41-42k) but I think this will be a bull trap before going to the slaughterhouse..
The lower target for me is between 25k-22k (Fib 1.618 ish which also coincides with support & resistance (yellow circle)). Other's have predictions slightly lower than this at 18k.
RSI on the daily is nearing overbought now, which is what we needed to get a bigger leg down.
Once we've had the spring (bear trap), we'll start making our journey to a new ATH in late 2021/early 2022.
I've circled where I think we are in the Wyckoff cycle
The lower target for me is between 25k-22k (Fib 1.618 ish which also coincides with support & resistance (yellow circle)). Other's have predictions slightly lower than this at 18k.
RSI on the daily is nearing overbought now, which is what we needed to get a bigger leg down.
Once we've had the spring (bear trap), we'll start making our journey to a new ATH in late 2021/early 2022.
I've circled where I think we are in the Wyckoff cycle
This also matches up nicely with fibonnaci retracements and action from the last cycle. We're holding support from prior to the bull run and also sitting at the same level on weekly RSI as we were in the previous cycle. A drop to 0.618 fits into my lower target mentioned above.
I've included an arrow to 0.382 as this is lining up quite nicely with the 200 MA, which has acted as support on many occasions in the past.