Monthly candle and Daily Ichimoku says sell - What abt Wyckoff?
Those who bought near 4k in 2020 and held thus far congratulations!
Bitcoin PA characteristics: Change of behaviour, high volatility with rejection near 38.2k recently
One can argue this may be re-accumalation. To consider that we must either close above 'Mid range' on the daily with stability and close above 'Top range'
Three important things to monitor:
1. With the recent rejection near 38.2k I would assume the PA to be in contraction with less volatility for accumulation, instead we are seeing the opposite which makes me think this is distrubution. In other words, faster the price goes up lesser the changes of re-accumulation
2. Should price close below the 'mid range' it would be Phase C confirmation part of distribution
3. If the price manages to stay above the 'mid range' and provides a wild ride to the 'top range' and closes below it, then also will be a final 'up thrust'. Price stability calls for accumulation
If the above confirms, we should see 12.7k lvl again in the next 6 months for another accumulation phase
Hope this helps!
Bitcoin PA characteristics: Change of behaviour, high volatility with rejection near 38.2k recently
One can argue this may be re-accumalation. To consider that we must either close above 'Mid range' on the daily with stability and close above 'Top range'
Three important things to monitor:
1. With the recent rejection near 38.2k I would assume the PA to be in contraction with less volatility for accumulation, instead we are seeing the opposite which makes me think this is distrubution. In other words, faster the price goes up lesser the changes of re-accumulation
2. Should price close below the 'mid range' it would be Phase C confirmation part of distribution
3. If the price manages to stay above the 'mid range' and provides a wild ride to the 'top range' and closes below it, then also will be a final 'up thrust'. Price stability calls for accumulation
If the above confirms, we should see 12.7k lvl again in the next 6 months for another accumulation phase
Hope this helps!