BTC still in accumulation phase?
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BTC has been showing some signs of a potential reversal. Once again by using Wyckoff guidelines, I think that an accumulation phase is on going.
A reversal will be confirmed when the "upward sloping accumulation structure" (in 2D TF) will have been completed. It means that the $30000 is a key level.
Before approaching this level, BTC may be still fluctuating, in accordance with the macro factors' uncertainties (stock markets, FED decisions, war...). In my opinion, BTC would revisit the $20000 level. This would be a good opportunity to accumulate BTCs (with precaution of real breakdown that "Accumulation" is invalidated and becomes "Redisctribution")
PS: Even if the prices don't follow exactly the theoretical Wyckoff structure, the resistances/supports and events would still be useful for trades.
A reversal will be confirmed when the "upward sloping accumulation structure" (in 2D TF) will have been completed. It means that the $30000 is a key level.
Before approaching this level, BTC may be still fluctuating, in accordance with the macro factors' uncertainties (stock markets, FED decisions, war...). In my opinion, BTC would revisit the $20000 level. This would be a good opportunity to accumulate BTCs (with precaution of real breakdown that "Accumulation" is invalidated and becomes "Redisctribution")
PS: Even if the prices don't follow exactly the theoretical Wyckoff structure, the resistances/supports and events would still be useful for trades.
Nota
BTC lost 10% yesterday after CPI news. The price is now close to the trendline supports.Here below is another view in 5D TF, BTC had a bullish divergence. And IMO, this trend will recover.
Nota
I would like to update this wyckoff analysis after new movements of BTC this week (what a week!)In general, the trend doesn't change much. Juste the 'ST as SOW' point is now a little bit lower.
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