BITCOIN is in Accumulation Phase on the Wyckoff Event Cycle
We have completed Wykoff Distribution and have entered Accumulation Phase, put it this way, "IF" Bitcoin breaks above the ST Price in Phase A ($18,857) then its game over for the bears as we are in a new cycle which we call Accumulation Phase
For more details about Wyckoff Distribution/Accumulation please refer to link below:
Link for Accumulation: Wyckoff Events: school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method
PS—preliminary support, where substantial buying begins to provide pronounced support after a prolonged down-move. Volume increases and price spread widens, signaling that the down-move may be approaching its end.
SC—selling climax, the point at which widening spread and selling pressure usually climaxes and heavy or panicky selling by the public is being absorbed by larger professional interests at or near a bottom. Often price will close well off the low in a SC, reflecting the buying by these large interests.
AR—automatic rally, which occurs because intense selling pressure has greatly diminished. A wave of buying easily pushes prices up; this is further fueled by short covering. The high of this rally will help define the upper boundary of an accumulation TR.
ST—secondary test, in which price revisits the area of the SC to test the supply/demand balance at these levels. If a bottom is to be confirmed, volume and price spread should be significantly diminished as the market approaches support in the area of the SC. It is common to have multiple STs after a SC.
For more details about Wyckoff Distribution/Accumulation please refer to link below:
Link for Accumulation: Wyckoff Events: school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method
PS—preliminary support, where substantial buying begins to provide pronounced support after a prolonged down-move. Volume increases and price spread widens, signaling that the down-move may be approaching its end.
SC—selling climax, the point at which widening spread and selling pressure usually climaxes and heavy or panicky selling by the public is being absorbed by larger professional interests at or near a bottom. Often price will close well off the low in a SC, reflecting the buying by these large interests.
AR—automatic rally, which occurs because intense selling pressure has greatly diminished. A wave of buying easily pushes prices up; this is further fueled by short covering. The high of this rally will help define the upper boundary of an accumulation TR.
ST—secondary test, in which price revisits the area of the SC to test the supply/demand balance at these levels. If a bottom is to be confirmed, volume and price spread should be significantly diminished as the market approaches support in the area of the SC. It is common to have multiple STs after a SC.
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ABOVE IS THE LATEST REVIEW OF THE ORIGINAL, THE BLUE CHAT BOX EXPLAINS LATEST VIEWNota
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ALL EYES ON THE 200MA WHICH IS NOW AT THE RESISTANCE AREA FROM THE PREVIOUS "Phase A, ST Area"As we can see we have broken the resistance level of the "Phase A, ST Area", all we need now is for a candle close above the 200MA (the line in red is 200 MA), i believe BTC will break through this with a massive huge candle, I say this because the entire world is looking at that particular spot, traders will go in very hard when BTC breaks that 200MA which will cause a massive buy surge buy every trader on the planet, this will cause a massive green candle smashing through that red line (200MA)
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ON THE ABOVE CHART AS WE CAN SEE THE 200MA HASBEEN BROKEN WITH A MASSIVE GREEN
CANDLE WHICH SHOWS US THAT BUYERS
WORLDWIDE HAS STEPPED IN DURING
THE BREAKOUT CONFIRMATION
OUR NEXT POINT IS THE RESISTANCE A & B ZONE WHICH IS SHOWN AS A WHICH BOX IN THE CHARTS, THIS IS WHERE I BELIEVE BTC WILL STRUGGLE AS THIS IS THE "PS" & "AR" AREA DURING "ACCUMULATION OF PHASE A", I BELIEVE BTC WILL RUN STABLE AT THESE LEVELS FOR QUITE SOMETIME AS IT WILL HAVE DIFFICULTY BREAKING THIS AREA, THIS STABLE ZONE AREA WILL GO SIDEWAYS FOR QUITE SOMETIME (WEEKS AND/OR MONTHS). WHERE IT CAN NO LONGER HOLD AND HEAD STRAIGHT BACK DOWN CLOSE TO THE "ST" ZONE OF "PHASE B", ONCE WE SEE THIS DIP THIS WILL CAUSE A DOUBLE BOTTOM AND ONLY THEN BTC WILL BE ON A MAJOR BUOLLRUN THEREAFTER
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TYPO IN THE ABOVE COMMENT, ON THE FIRST LINE CHANGE THE WORD "AS A WHICH BOX" TO "HIGHLIGHTED WHITE BOX"Nota
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