Wyckoff Analysis -
Based on my plot of the Wyckoff structure we have recently entered the final stages of accumulation and are now in BUEC (Back up to the Edge of the Creek). Based on the Wyckoff methodology we are retesting the creek and should continue upwards on a bullish trajectory as long and the creek holds. It is also possible to encounter a shakeout here. If there is a shakeout I expect BTC to hit $37,000 - $38,500 at it lowest. If we move below the creek without quickly rising above it, then distribution is a serious consideration.
Technical Analysis -
Fundamentals -
On Chain Analytics tell us exchange reserves are extremely low, selling pressure is diminishing every time we test the "creek" and the market is currently oversold.
All of these factors lead me to believe the market is bullish and we will see a significant increase in the price of BTC in the following weeks.
Based on my plot of the Wyckoff structure we have recently entered the final stages of accumulation and are now in BUEC (Back up to the Edge of the Creek). Based on the Wyckoff methodology we are retesting the creek and should continue upwards on a bullish trajectory as long and the creek holds. It is also possible to encounter a shakeout here. If there is a shakeout I expect BTC to hit $37,000 - $38,500 at it lowest. If we move below the creek without quickly rising above it, then distribution is a serious consideration.
Technical Analysis -
Fundamentals -
On Chain Analytics tell us exchange reserves are extremely low, selling pressure is diminishing every time we test the "creek" and the market is currently oversold.
All of these factors lead me to believe the market is bullish and we will see a significant increase in the price of BTC in the following weeks.