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.
Note
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.
Note
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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.