BTC/USD Wyckoff accumulation pattern
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Hello and welcome to my new weekly analysis for Bitcoin. Now it’s pretty clear that we are forming almost a perfect Wyckoff accumulation pattern and in my opinion we are somewhere around PHASE C. We started the pattern on 21.May 2021 with resistance lines between 40500$ and 42300$ & support lines between 31200$ and 33500$. We can have one last leg down (not obligatory) to 30250$ before bouncing hard and breaking the resistance lines. My projections for breaking the pattern are for the early or mid July, which will perfectly fit with the main even for this year in crypto – ETH EIP-1559 update on 14.July. This could be the catalyst event for revisiting the 50000$ levels for BTC and 3000$ for ETH.
Nota
Ok, the moment of truth is here. We are somewhere in the so called "spring" of the Wyckoff pattern. It is a lower point of support of the range. I expect a hard bounce once we reach the 30000$ zone. Prepare your longs!
Penafian
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