If you don't understand the wyckoff schematics, go research it on Google and you will find a similar picture to the one I have drawn. A good one is on the binance dot com academy.
This analysis adds in to my last analysis of the weekly chart where I mentioned the bitcoin rocket is soon to take off.
It looks like we are in "Phase D" of the Wyckoff accumulation and have just been through 2 last points of support "LPS". The next step will be breaking through the top level of resistance to the "SOS" sign of strength. The resistance levels at "AR" or the one above will then act as support and then lead in to the last stage of accumulation "Phase E". This phase is marked by an evident breakout of the trading range, caused by increased market demand. This is when the trading range is effectively broken, and the uptrend starts.
This analysis adds in to my last analysis of the weekly chart where I mentioned the bitcoin rocket is soon to take off.
It looks like we are in "Phase D" of the Wyckoff accumulation and have just been through 2 last points of support "LPS". The next step will be breaking through the top level of resistance to the "SOS" sign of strength. The resistance levels at "AR" or the one above will then act as support and then lead in to the last stage of accumulation "Phase E". This phase is marked by an evident breakout of the trading range, caused by increased market demand. This is when the trading range is effectively broken, and the uptrend starts.
