Bitcoin – Accumulation: A Wyckoff Study
With BTC breaking down below 32.7k, it appear to me that we have just completed a wave 4 corrective triangle, within the final wave 5 of a larger 3-3-5 correction. All that is left is the final capitulation to complete the last element of this corrective structure.
Read in the context of the Wyckoff Method, this gives the technical structure for what I show as a Redistribution, and the final capitulation into a selling climax that will invigorate the Bulls into value buying, and trigger the Spring that has been so long in the waiting.
Looking at the Fibonacci projection for the larger corrective structure, and the Fibonacci Channel that has defined the trading range since late May, it appears that the bottom of the correction and the Spring is around 26k.
At least that is how I see it.
Read in the context of the Wyckoff Method, this gives the technical structure for what I show as a Redistribution, and the final capitulation into a selling climax that will invigorate the Bulls into value buying, and trigger the Spring that has been so long in the waiting.
Looking at the Fibonacci projection for the larger corrective structure, and the Fibonacci Channel that has defined the trading range since late May, it appears that the bottom of the correction and the Spring is around 26k.
At least that is how I see it.
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