In previous Analysis I was explaining a lot about our accumulation Zone and all the details that it required to be explained. Thus, I think I made a mistake on timing the market, and since I always update my analysis, when I checked my Chart I realize one thing, THE VOLUME, I know I have been talking about volume a lot, but I wasn't seeing correctly the volume in...
Acumulating in the short term, I'm still waiting for a spike to 6.9k as 1st resistance, Wickoff explain a bit the performance the last 3 days in the bitcoin market. We are accumulating.
Just thought I would make a chart for those that are into Wickoff theory to point out one possible outcome of this phase of the market.
Slightly early but scaling up into this accumulation phase at various points.
I believe we are in a Wickoff accumulation phase on the pair. I am not sure however if we are in a type 1 or 2. Type 1 would suggest another run down to break the previous 2 lows to get the stops out before making a move to the upside. Type 2 would simply make a higher low and form a head and shoulder pattern and break up. We shall see!
I have been looking at a potential set-up on this pair. I am waiting for a reversal and a test of the bottom section of the range and if I see signs of support and reversal I will start pyramiding. I will add again on the break of the current high afterwards and if I see a SOS pattern on the top range. It may fade to nothingness so it is too early to trade but I...