BTC - Wyckoff Price Cycle!

Hello TradingView Family, this is Richard, and if you like this idea, kindly support with a like or a comment.

I found BITCOIN chart as a great practical example of Wyckoff's Theory.

Similar to the one I posted for GOLD a couple of weeks ago. (attached in the "link to related ideas section", to keep this one clean)

BTC is overall bullish trading stuck inside a flat channel in brown and it is currently sitting around the lower bound/brown trendline acting as non-horizontal support.

As per Wyckoff Price Cycle, we are currently in an accumulation phase.
For the Markup to start, we need the bulls to prove control by breaking the blue channel and the last high in gray upward => projection in green

Meanwhile, and until the bulls take over, BTC can still trade lower before breaking the structure, or even form a lower low marked in orange, known as the Spring => projection in red

Which scenario do you think is more likely to happen? and Why?

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich