Since the last week of februari, the bitcoin price was ranging between ~$45000 & ~$52000. Now we see the price broke out of the range.
What's next?
First i want to talk about what actually happened
Because i spotted something interesting.
We where trading in a range, and at the same time price was forming a Wyckoff re-accumulation schematic. (in my opinion)
- Price formed the Range low --> Sellers climax
- Price formed the Range high --> Automatic rally
- Price made a daviation of the range low --> Spring
Price broke out above the range!?
This could mean that: we are going to see SOS (Sign of Strength) following the wyckoff.
Wich is falling inline with: long opportunities at the former range high. But if the bulls can build a lot off momentum, we might not see the test of the range-high!
My conclusion:
I think the bulls are ready for a next leg up. I'm aiming for ~$66000
Thank you for checking my analysis!
Do you have tips or other comments? Tell me please! I'm open for feedback!
What's next?
First i want to talk about what actually happened
Because i spotted something interesting.
We where trading in a range, and at the same time price was forming a Wyckoff re-accumulation schematic. (in my opinion)
- Price formed the Range low --> Sellers climax
- Price formed the Range high --> Automatic rally
- Price made a daviation of the range low --> Spring
Price broke out above the range!?
This could mean that: we are going to see SOS (Sign of Strength) following the wyckoff.
Wich is falling inline with: long opportunities at the former range high. But if the bulls can build a lot off momentum, we might not see the test of the range-high!
My conclusion:
I think the bulls are ready for a next leg up. I'm aiming for ~$66000
Thank you for checking my analysis!
Do you have tips or other comments? Tell me please! I'm open for feedback!