Bitcoin: The Bear Market coming to a close?

• With ETF and Baakt news looming over us in the near future, this could coincide with the end of the bear market.
  
• Using Wyckoff Method, which has been largely accurate so far, it’s obvious we’re nearing the end of the bear market.
  
• After the rejection at $7,450, we’ve managed to drop vertically -14% in <15 hours, while also printing a Higher Low (HL) of $6,300.
  

From Wyckoff Method
stockcharts.com...school/doku.php?id=chart_s...

Test—Large operators always test the market for supply throughout a TR (e.g., STs and springs) and at key points during a price advance. If considerable supply emerges on a test, the market is often not ready to be marked up. A spring is often followed by one or more tests; a successful test (indicating that further price increases will follow) typically makes a higher low on lesser volume.

Supply = weak hands. The idea is to flush out the weak hands, allowing whales to accumulate as much supply as possible before marking the price up. In the next boom cycle, we'll see distribution of the supply exchanging from Whales to Bag holders at the top of the run. Rinse and repeat.

IF $6,300 is indeed a HL, then I’m expecting price to retest the downtrend line from $8,500, which should be a target of ~$7,200-$7,300.

Please refer to my chart for my opinion of what the price action might look like for the next 1-2 months (assuming we have indeed printed a HL at $6,300 with the last dump on 9/6/2018). The pattern we're forming is reminiscent of a Symmetrical Triangle with an Upward Breakout.

Komentar:

If we drop below $5,868 this idea is invalidated. We need to print a higher low from 8/14/2018 for this idea to remain valid.