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Bittrex ETCBTC 1D - Wyckoff Accumulation/Distribution Analysis

BITTREX:ETCBTC   Ethereum Classic / Bitcoin
This is an attempt at trying to identify Wyckoff events and phases of ETCBTC:BITTREX.

Starting off with the previous distribution, we have the following events:
  • Preliminary Supply - This shows an unloading of the asset after a strong rally, usually accompanied by large volumes (in this case higher relative to previous time frames).
  • Buying Climax - Very large rally accompanied by highly increased volumes and large spreads.
  • Automatic Reaction - After the buying diminishes post buying climax, the reaction takes place; sets the limits of the lower trading range.
  • Secondary Test - The price action revisits the area of the climax testing demand and supply at these level.
  • Sign of Weakness - Supply is now dominant; sets the limits of the lower trading range
  • Last Point of Supply - After a support is tested on a sign of weakness, a small rally forms which will struggle due to weak demand or substantial supply (or both). Usually it represents the exhaustion of demand before markdown begins
  • Upthrust after distribution - It occurs in the late stages of the trading range and provides a final test of new demand after attempting a breakout above the trading range resistance.
Going into the new accumulation phase, we have the following events:
  • Preliminary Support - Substantial buying occurs after a prolonged down move, we have high volume and high spreads signaling that the down-move is ending.
  • Selling Climax - Point at which large spreads and large selling pressure is starting to be absorbed.
  • Automatic Rally - Occurs after intense selling pressure diminishes. The high of this rally will help define the upper boundary of accumulation trading range
  • Secondary Test - Price revisits the area of the selling climax to test supply/demand at these levels. It is common to have multiple tests after a selling climax.
Bình luận: What we are to expect is the finishing of Phase B of the Accumulation and going into the Spring phase. So on a medium term we are to expect a potential down-turn of the price until it goes under the lower bound of the trading range, the end of which will result in a set of strong rallies, pushing the price action strongly up.
Bình luận: Tl;dr - place buy orders under 0.001, start taking profit at around 0.1.
Bình luận: Small correction of the above, buy orders to be under 0.0013.
Bình luận: Taking profit from 0.0058 is also reasonable maybe...
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