BTC/USDT Wyckoff accumulation. Heading to Phase D?

24 Jul 2021

Last time we covered Bitcoin we introduced the Wyckoff accumulation pattern.
The continuation did not follow the exact pattern.
We rather saw another so called "Test" below the 30k line and are moving upwards since.
Currently we look for a breakout above the 0.5 Fib line and a follow up retest of it as new support.
This would give us a good setup to move towards phase D, the consolidation before the final upwards breakout.
Bulls are coming back but don't be mistaken it's still a long way to go.


What drives the market upwards again?
The talk about the B word can be considered bullish news where also potentially Tesla will accept Bitcoin payments again in the near future.
The bears were not able to hold BTC constantly below 30k and now it looks like the semtiment swapped.
Fundamentally we move towards great updates for Bitcoin, Ethereum and Cardano which cannot be ignored anymore.


Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place

Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers

ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.