BTC Price Action Analysis - Wyckoff Cycle Update
Hello, traders!
10 days ago we did analysis on BTC about Wyckoff Cycle scenario and now we are going to give an update.
Now we can see that the price formed triple secondary test after the trading range defining. At this phase the descending triangle pattern was formed and broken through. After that it reached the R2 pivot level of $37000. This is a very strong resistance, as a result we can see the price pullback to the triangle's upper band and attempt to re-enter, but there was a rejection.
There is a potential price range between R1 pivot ($32800) and R2 pivot ($37000). During the current phase of the reaccumulation cycle it is high probability of the shakeouts in this range. But here we should be careful about the possible spring scenario. It is the fake breakdown of the trading range support. After that the bulls become to dominate on the market and the price can grow to the resistance line and form sign of strength pattern before the growth continuation.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
10 days ago we did analysis on BTC about Wyckoff Cycle scenario and now we are going to give an update.
Now we can see that the price formed triple secondary test after the trading range defining. At this phase the descending triangle pattern was formed and broken through. After that it reached the R2 pivot level of $37000. This is a very strong resistance, as a result we can see the price pullback to the triangle's upper band and attempt to re-enter, but there was a rejection.
There is a potential price range between R1 pivot ($32800) and R2 pivot ($37000). During the current phase of the reaccumulation cycle it is high probability of the shakeouts in this range. But here we should be careful about the possible spring scenario. It is the fake breakdown of the trading range support. After that the bulls become to dominate on the market and the price can grow to the resistance line and form sign of strength pattern before the growth continuation.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
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