BTC Current Wyckoff Schematic
Analyses of Trading Ranges (Stockcharts.com)
"One objective of the Wyckoff method is to improve market timing when establishing a position in anticipation of a coming move where a favorable reward/risk ratio exists.
Trading ranges (TRs) are places where the previous trend (up or down) has been halted and there is relative equilibrium between supply and demand. Institutions and other large professional interests prepare for their next bull (or bear) campaign as they accumulate (or distribute) shares within the TR.
In both accumulation and distribution TRs, the Composite Man is actively buying and selling - the difference being that, in accumulation, the shares purchased outnumber those sold while, in distribution, the opposite is true. The extent of accumulation or distribution determines the cause that unfolds in the subsequent move out of the TR."
Source and more great basic intro information for Wyckoff Method:
school.stockcha...ts.com/doku.php?id=market_...
While BTC Holds Above the Previous Tesla buy in area 34200 expeciting a push to 40k or further as a confirmation of Accumulation.
The next confirmation of Wyckoff is a SOS ( Sign of Strength / Jump Across the creek) followed by LPS (Last Point of Support) to confirm the beginning of a move to Mark Up Phase.
See schematic here for reference:
ibb.co/m4F5g9j
"One objective of the Wyckoff method is to improve market timing when establishing a position in anticipation of a coming move where a favorable reward/risk ratio exists.
Trading ranges (TRs) are places where the previous trend (up or down) has been halted and there is relative equilibrium between supply and demand. Institutions and other large professional interests prepare for their next bull (or bear) campaign as they accumulate (or distribute) shares within the TR.
In both accumulation and distribution TRs, the Composite Man is actively buying and selling - the difference being that, in accumulation, the shares purchased outnumber those sold while, in distribution, the opposite is true. The extent of accumulation or distribution determines the cause that unfolds in the subsequent move out of the TR."
Source and more great basic intro information for Wyckoff Method:
school.stockcha...ts.com/doku.php?id=market_...
While BTC Holds Above the Previous Tesla buy in area 34200 expeciting a push to 40k or further as a confirmation of Accumulation.
The next confirmation of Wyckoff is a SOS ( Sign of Strength / Jump Across the creek) followed by LPS (Last Point of Support) to confirm the beginning of a move to Mark Up Phase.
See schematic here for reference:
ibb.co/m4F5g9j
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34k support needs to hold and we may have a chance here.