Wyckoff Price Cycle idea for BTCUSDT
This is a follow-up on the Rounding Top idea published some weeks ago on the 21st of April back when we still hadn't heard mention of Wyckoff on the current BTC scenario.
Wyckoff price cycle establishes periods of accumulation and distribution with price mark up and mark down between them.
https://school.stockcharts.com/lib/exe/fetch.php?media=market_analysis%3Athe_wyckoff_method%3Awyckoffpricecycle.png
The structure for both these scenarios are described copy-pasted from textbook trading courses onto this chart inside the green boxes and the Wyckoff events for the current accumulation cycle are pointed out on the price action as well.
EXPECTATIONS:
I believe we are in Phase D and days or weeks away from price action leaving the trading range and the kickstarting of a markup that we have been waiting for for so long. If this is correct we may encounter shorter lived trading ranges on our way up, in the matter of stepping stones while BTC gradually aims for higher price targets. These steps are re-accumulation areas for large operators.
DISCLAIMERS:
Bare in mind that this is an idea solely based on chart analysis and since Wyckoff has been mainly studied for stockmarkets it is pretty much a novelty to crypto, at least for me. So with that said I could be falling short on the span of this cycle, however the scale to me looks pretty much correct.
Please take this idea as a grain of salt and as always DYOR and TIT
Wyckoff price cycle establishes periods of accumulation and distribution with price mark up and mark down between them.
https://school.stockcharts.com/lib/exe/fetch.php?media=market_analysis%3Athe_wyckoff_method%3Awyckoffpricecycle.png
The structure for both these scenarios are described copy-pasted from textbook trading courses onto this chart inside the green boxes and the Wyckoff events for the current accumulation cycle are pointed out on the price action as well.
EXPECTATIONS:
I believe we are in Phase D and days or weeks away from price action leaving the trading range and the kickstarting of a markup that we have been waiting for for so long. If this is correct we may encounter shorter lived trading ranges on our way up, in the matter of stepping stones while BTC gradually aims for higher price targets. These steps are re-accumulation areas for large operators.
DISCLAIMERS:
Bare in mind that this is an idea solely based on chart analysis and since Wyckoff has been mainly studied for stockmarkets it is pretty much a novelty to crypto, at least for me. So with that said I could be falling short on the span of this cycle, however the scale to me looks pretty much correct.
Please take this idea as a grain of salt and as always DYOR and TIT
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