It was time to take a look at the accumulation test for Wychoff events. Without doing a formal count on a strength test (Why would I with modern Relative Strength Indicators, and a passing accumulation indicator?) I have utilized all of the important tests for accumulation of an asset by Wychoff onto this chart. Obviously some don't count, as many readers know. Being as BTC IS the index -- and market cap in crypto is NOT an accurate measurement, I have placed the tests on the right side.
I'm long. I'll remain in the long category, but we must raise an eyebrow at the fact that we have not had a secondary test of this phase. We have passed all of the tests, but one of the subtests is a secondary test in THIS phase. If we are to assume we have entered a new phase, we should have supplied a secondary test. I don't see one. It appears as though the rest of the tests have passed.
I hope you take a look, make it yours, and make your own assessment.
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It appears as though, the market gave us our secondary test. Go figure huh?
I've added it to the chart. How fun is it that the secondary test happened right on my x mark? (coincidence, I didn't guess that at all!)
can you elaborate about the secondary test and what it does? Are there ways to assume this test based on current data.
blessmywork
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@US.ira90, So a secondary test is a test of the local support. IF we truly entered a new phase with a Primary support, and a decent secondary support, THEN in Wyckoff's accumulation tests there is a subtest which looks for a "secondary test" of that support. At this point in time we do not have that secondary test. Now notice that this is a subtest - it is not absolutely "required" in this method. With that said, I must say that more often than not there is a secondary test. We may not get one here. Its always something to keep an eye on. This is why in todays video I specifically added in the writeup what method I would use for market entrance.
Regards friend!
maxband
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@nukenowakowski, Great thanks for your work!
vertigoa
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Thanks for your work
blessmywork
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@vertigoa, Absolutely. I'm glad you could take something from it, and thank you for taking the time to leave a comment! It is very much appreciated!