Bitcoin in Wyckoff Accumulation?

16 Jul 2022

Just what I see. Phase B of Wyckoff. Possibility. Bull run May 2024?

16 Jul 2022

Nota

PHASE A IS COMPLETE

Phase A:
The selling force decreases, and the downtrend starts to slow down. This phase is usually marked by an increase in trading volume. The Preliminary Support (PS) indicates that some buyers are showing up, but still not enough to stop the downward move.

The Selling Climax (SC) is formed by an intense selling activity as investors capitulate. This is often a point of high volatility, where panic selling creates big candlesticks and wicks. The strong drop quickly reverts into a bounce or Automatic Rally (AR), as the excessive supply is absorbed by the buyers. In general, the trading range (TR) of an Accumulation Schematic is defined by the space between the SC low and the AR high.
As the name suggests, the Secondary Test (ST) happens when the market drops near the SC region, testing whether the downtrend is really over or not. At this point, the trading volume and market volatility tend to be lower. While the ST often forms a higher low in relation to the SC, that may not always be the case.

16 Jul 2022

Nota

We have entered Phase B.
Phase B:
Based on Wyckoff’s Law of Cause and Effect, Phase B may be seen as the Cause that leads to an Effect.

Essentially, Phase B is the consolidation stage, in which the Composite Man accumulates the highest number of assets. During this stage, the market tends to test both resistance and support levels of the trading range.
There may be numerous Secondary Tests (ST) during Phase B. In some cases, they may produce higher highs (bull traps) and lower lows (bear traps) in relation to the SC and AR of the Phase A.

18 Jul 2022

Nota

This is fun. So far, right on target! I think it may choose to range here for the week until bad news comes in next week to take us down.
Who knows - lots can happen.
We could even break up from this and skip the whole SPRING/TEST phase if the market wants to. I don't think that push is there, yet. Global news is still weird and bitcoin follows SPY. Thanks.

19 Jul 2022

Nota

This could be the breakout. Expected more of a range. Some relief maybe

21 Jul 2022

Nota

I've been going back and forth on whether or not this is UTAD or if this is real accumulation forming into an actual bull run.
Still not convinced this isn't just UTAD faking bulls out. Interest rate hikes are on Wednesday of next week! Perfect for a fake out at 410 SPY / 25k BTC