Kobayachi
Long

Wyckoff accumulation and Phases Update

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This is an update on this TA:

Description of the Wyckoff method can be found here: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method

As I mentioned in the old TA, things are moving much faster than I anticipated and there is also a glaring mistake in the previous pattern.
This update uses price from Bitstamp instead of Bitfinex because the price history is longer and price actions are a lot smoother.
The pattern fits perfectly on price action, levels and volumes so far.
Reason for the update is the attention this has received and because I think we've reach A critical point, namely that we have started phase C.
The shakeout is well on it's way and the depth of the market is being tested for supply. Volume point to an exhaustion of the down trend.

There is no clearer signal than a big marubozu to tell you that your pattern is invalidated. It was a great roadmap thus far and it helped me tremendously in navigating this bear market.
Even though I never use them for trading, I’m still amazed by the pertinence of these trend lines.
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Think more likely there will be another impulsivive move down and a final turn of the knife. We're still a couple of months away at least from your phase C perhaps
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I thank you broodah @Kobayachi for this master piece!! so far playing out perfect... do you think 6100 was steep enough to be considered as 'spring'?
+1 Reply
Kobayachi stackit
@stackit, Technically speaking, yes.
+1 Reply
k
+1 Reply
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