#BTCUSD Wyckoff Accumulation Model Simplified Part II.
Diupdate
Welcome to this update, everyone.
If you are reading my updates for the first time do follow me to get more complex charts in a very simplified way.
I also post altcoin setups on Spot, Margin, and Futures.
Well, I already explained about the Wyckoff model in my last update but there are many new people who followed me in the last few weeks.
I am thankful to all of you.
Almost 700 followers in just 2 weeks! That's insane.
Thanks for appreciating my content.
Let's get to the chart!
By the time you are done reading this update, you'll understand what this model is about.
PHASE A :
PS (Preliminary Support): It's the first support after the Bull Trend which is broken and we see an extreme selling called Selling Climax ( SC ).
After Selling Climax what we see is an Automatic Reaction which is a bounce after the dump.
This dump is initiated by smart money but they are the ones buying at the same time when it gets to the low as it happened at 28k. While everyone is hoping for a pump we see a Secondary retest this Secondary Retest and the Automatic Reaction Levels make up the Trading range under which the price fluctuates for a long period showing the signs of accumulation. The Support and Resistance Levels make up the Trading Range.
PHASE B: Accumulation, Rejection, Bull and Bear Traps, Wicking but under the TR which is, in this case, 30k to 41k level.
PHASE C: Accumulation at lower levels with wicks to the downside, full of traps.
The bear trap induces retail investors to give up their holdings.
The spring is the last bear trap which makes people believe that the trend is over.
The dump that happened on June 22nd, all the way to 28k was the first spring I would say. The sound time BTC dumped was around the 20th of July with a low of $29,296!
There was too much fear in the market makes people lost their confidence and many events left crypto and liquidated their assets.
The second dump to 29k was probably the second spring!
PHASE E: It's the last stage of an Accumulation Schematic. It is marked by an evident breakout of the trading range, caused by increased market demand. This is when the trading range is effectively broken, and the uptrend starts.
I want you to know that this model works even today. You saw that it did already. It got delayed by just 23 days as per my LAST Wyckoff Chart, I'll leave the link below this analysis.
Since there are many people doing it the wrong way I wanted to clear this for you all.
BULLISH SCENARIO: We needed a close above the SOS (Signal of Strength) to be sure about the BULL TREND. Here that level is 42k level and it's broken in the lower time frame.
What we need is a weekly close above 42k now that will confirm a new rally for a New All-Time High!
CONCLUSION: IMHO We have entered the Sign of Strength (SOS). It's highly likely for Bitcoin to trade under the range of 38k to 42k range and eventually breakout for a new all-time high.
For this scenario to happen, All we need is a weekly close above the 42k level.
Let's wait for the weekly close for more confirmation!
For more information stay tuned, I'll follow up on this chart for your better understanding.
This is the only cheat chart that can help you to determine the right time to trade.
Hope this helped, if it did please HIT the like button and share your views in the comments section. Follow me for more ideas and trade setups.
Thank you
#PEACE
If you are reading my updates for the first time do follow me to get more complex charts in a very simplified way.
I also post altcoin setups on Spot, Margin, and Futures.
Well, I already explained about the Wyckoff model in my last update but there are many new people who followed me in the last few weeks.
I am thankful to all of you.
Almost 700 followers in just 2 weeks! That's insane.
Thanks for appreciating my content.
Let's get to the chart!
By the time you are done reading this update, you'll understand what this model is about.
PHASE A :
PS (Preliminary Support): It's the first support after the Bull Trend which is broken and we see an extreme selling called Selling Climax ( SC ).
After Selling Climax what we see is an Automatic Reaction which is a bounce after the dump.
This dump is initiated by smart money but they are the ones buying at the same time when it gets to the low as it happened at 28k. While everyone is hoping for a pump we see a Secondary retest this Secondary Retest and the Automatic Reaction Levels make up the Trading range under which the price fluctuates for a long period showing the signs of accumulation. The Support and Resistance Levels make up the Trading Range.
PHASE B: Accumulation, Rejection, Bull and Bear Traps, Wicking but under the TR which is, in this case, 30k to 41k level.
PHASE C: Accumulation at lower levels with wicks to the downside, full of traps.
The bear trap induces retail investors to give up their holdings.
The spring is the last bear trap which makes people believe that the trend is over.
The dump that happened on June 22nd, all the way to 28k was the first spring I would say. The sound time BTC dumped was around the 20th of July with a low of $29,296!
There was too much fear in the market makes people lost their confidence and many events left crypto and liquidated their assets.
The second dump to 29k was probably the second spring!
PHASE E: It's the last stage of an Accumulation Schematic. It is marked by an evident breakout of the trading range, caused by increased market demand. This is when the trading range is effectively broken, and the uptrend starts.
I want you to know that this model works even today. You saw that it did already. It got delayed by just 23 days as per my LAST Wyckoff Chart, I'll leave the link below this analysis.
Since there are many people doing it the wrong way I wanted to clear this for you all.
BULLISH SCENARIO: We needed a close above the SOS (Signal of Strength) to be sure about the BULL TREND. Here that level is 42k level and it's broken in the lower time frame.
What we need is a weekly close above 42k now that will confirm a new rally for a New All-Time High!
CONCLUSION: IMHO We have entered the Sign of Strength (SOS). It's highly likely for Bitcoin to trade under the range of 38k to 42k range and eventually breakout for a new all-time high.
For this scenario to happen, All we need is a weekly close above the 42k level.
Let's wait for the weekly close for more confirmation!
For more information stay tuned, I'll follow up on this chart for your better understanding.
This is the only cheat chart that can help you to determine the right time to trade.
Hope this helped, if it did please HIT the like button and share your views in the comments section. Follow me for more ideas and trade setups.
Thank you
#PEACE
Trade aktif
Welcome to this quick update, everyone.If you are reading my updates for the first time do follow me to get more complex charts in a very simplified way.
I also post altcoin setups on Spot, Margin, and Futures.
Let's get to the chart,
BTC broke above the 42k resistance and reached the second resistance at 44.2k level where it got rejected so far.
Looking at the current situation BTC is highly likely to hit the 49k level on or before the 16th of August 2021 (date may vary).
The volume is gradually increasing which is good for bulls.
Important note:- I do expect some retracements next week and probably a bloody Monday too.
So better take profits on your leveraged positions.
For more information and FULL UPDATE, CLICK ON TEH CHART BELOW to read the complete analysis.
Thank you
Daily Signals:- telegram.me/thecryptorphic
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Coincatch:- bit.ly/15000USDTBonus
BLOFIN - bit.ly/Cryptorphic
MEXC : bit.ly/get9100usdt
Binance: bit.ly/cryptorphic1000
ELITES: bit.ly/Join_elite
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