Updated Wyckoff Accumulation Chart for Bitcoin

22 Haz 2021

I have added back phases and reconfigured based on current price action. 2 things are interesting when you super-impose this on top of the Falling Wedge (the orange dotted lines):

• The wedge lines help guestimate the support and resistance lines for future price action further into the Accumulation phase.
  
• The price target from the wedge (orange vertical dotted line) gives confluence to the potential breakout in Phase D. The Falling Wedge, as you know, is a bullish reversal pattern.
  

Also confluent is the nice large Bullish Hammer candlestick on the 4 hour, signaling a reversal.

The only thing I'm questioning at the moment is the volume during the dip. It was high as the bulls took control. So I'm not sure if that means that fails that test, and we could see another Spring attempt. Maybe someone can chime in and help out on that.