Bitcoin headed towards $9,000 based on Wyckoff Cycle?

Nov 13, 2019

Wyckoff Accumulation Cycle phase just after Markdown phase earlier on the 1h time frame? A classic Wyckoff Spring was formed denoted by the second of the two green arrows. These two reversals can indicate two selling climaxes especially on the second climax indicating a Wyckoff Spring. This may hint at accumulation. Looking at the market structure, price is itching higher and hugging the initial potential resistance at around $8,830-8,875 based on previous pivots further aiding in accumulation. Market seems to have broken the volatility contraction symmetrical triangle after the second Wyckoff Spring. If one takes a calculated measured move based on the second Wyckoff Spring impulse move, price should make another momentum move towards $9,000 which corresponds to the previous Wyckoff Distribution phase confluence marked by the red rectangle. What do you guys think? I'd appreciate any feedback thank you.