I am comparing the re-accumulation zone back in January to now. Both the differences in the pattern and also the differences in the indicators.
Volume, MACD (the histogram portion) and RSI currently are showing weakness after showing a bit of strength which is the opposite of what was shown during the accumulation stage in January.
A point of interest on the chart is that the current support seems to have been the accumulation area below it in January as shown the chart.
Things that could change my mind is that there will most likely be a further decrease in price coming soon. If it can bounce once more and break back through the current descending triangle, with a retest, then it would finally have that show of strength that is missing now for an accumulation zone.
If the trend changes:
I would say a break through would target the 50 DMA which is currently cutting through the old support.
Another bounce area soon might be the 50 week MA (~29k) which may suggest that might be a potential spring area to retest the descending triangle once more and try to break over.
If the markdown does continue:
A complete breakdown could drop it towards the 17.5k area but never too clear on these. An overshot of any target before a bounce is always possible too.
Wyckoff distributions usually lead to another re-distribution area after the initial markdown in price. That is currently what I am seeing now unless things change.
Becareful trading out there as these times are meant to confuse and do the unexpected at least during the micro timeframes. One thing to add is even a breakthrough may not go far as the macro for BTC still is very negative.
***Disclaimer: I am not a financial professional/expert and all ideas from me are all speculation based off of my own research. Please do your own research as well as I am not responsible for others when it comes to their financial decisions.***
Volume, MACD (the histogram portion) and RSI currently are showing weakness after showing a bit of strength which is the opposite of what was shown during the accumulation stage in January.
A point of interest on the chart is that the current support seems to have been the accumulation area below it in January as shown the chart.
Things that could change my mind is that there will most likely be a further decrease in price coming soon. If it can bounce once more and break back through the current descending triangle, with a retest, then it would finally have that show of strength that is missing now for an accumulation zone.
If the trend changes:
I would say a break through would target the 50 DMA which is currently cutting through the old support.
Another bounce area soon might be the 50 week MA (~29k) which may suggest that might be a potential spring area to retest the descending triangle once more and try to break over.
If the markdown does continue:
A complete breakdown could drop it towards the 17.5k area but never too clear on these. An overshot of any target before a bounce is always possible too.
Wyckoff distributions usually lead to another re-distribution area after the initial markdown in price. That is currently what I am seeing now unless things change.
Becareful trading out there as these times are meant to confuse and do the unexpected at least during the micro timeframes. One thing to add is even a breakthrough may not go far as the macro for BTC still is very negative.
***Disclaimer: I am not a financial professional/expert and all ideas from me are all speculation based off of my own research. Please do your own research as well as I am not responsible for others when it comes to their financial decisions.***