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berniembook
Jun 1, 2018 9:25 PM

Wyckoff Accumulation  Short

Bitcoin / DollarBitfinex

Description

Possible wyckoff accumulation on the 4hr. Automatic rally (AR) just finished. May head to the downside towards the lower 70xx's for a secondary test(ST).
There is a strong downward resistance from the local top at 9900. If successful the pattern could make for a breakout and retest of the breakout for a spring or last point of support (LPS). Looking to short around the upper 7400s/lower 7500s which would be a retest of the previous breakdown of the rising wedge.

For more information on wyckoff:
stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method

For an exchange to short/long bitcoin:
1fox.com/?t=mg

Trade closed: stop reached

Comments
aknyc1
Only one problem the selling climax was on the 23rd and 24th don’t you think as selling climax means the higher volume sell off
berniembook
@aknyc1, very true, thank you for pointing that out
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