BTC crash = Wyckoff Accumulation
According to the Wyckoff Accumulation Schematic, a drop in price is manipulated by an institution that is building a position in an asset before the price increases. I think we just experiences a Wyckoff Distribution and now we are entering a Wyckoff Accumulation phase. A Wyckoff accumulation phase has different stages: 1. first we experience a dramatic drop in price (selling Climax, 2. followed by a jump or recovery in price (Automatic Rally). This is followed by again, 3. a decrease in price (Second Test). Next, 4. another rally takes place and price increases, then another 5. Second Test that can drop the price lower than Selling Climax, and a spring. 6. The spring is the lowest price level during this schematic, however, not every Wyckoff Accumulation has one. After this last dump, comes a recovery that is characterized by 7. A last test around the resistance levels and a 8. Sign of Strength, above the resistance level that signals the bear is over.
The support level was set by the selling climax at 41k, so we can expect the second test and spring to be below this level. The resistance level was set by the Automatic Rally at 52k, so we can expect a pump around this level and the Sign of Strength above this price that would indicate the bear is over.
The past Wyckoff Distribution that took place in May took 96 days to play out, this time it took 51 days, the time frame was almost cut in half. The past Wyckoff Accumulation took 72 days to play out before the price started to recover. If we follow the logic that this time the time frame will be cut in half, this will mean that it can take up to 36 days for the accumulation to take place (around January 5th).
In addition, in the past Wyckoff Distribution and Accumulation Schematic, the distribution support level (at 48k) wasthe next sign of strength during the accumulation phase that followed. If this is accurate, this means that the next sign of strength for this accumulation period should be at 58k (this was the support level for the recent distribution).
So, we can expect the proce to keep oscilating between 55k and 41k, however it can still go under since we are missing the Second Test/Spring event. With that being said I am still very bullish on BTC. So keep HODLing and don't panic sell! Remember, we are still in a bull run market!!
The support level was set by the selling climax at 41k, so we can expect the second test and spring to be below this level. The resistance level was set by the Automatic Rally at 52k, so we can expect a pump around this level and the Sign of Strength above this price that would indicate the bear is over.
The past Wyckoff Distribution that took place in May took 96 days to play out, this time it took 51 days, the time frame was almost cut in half. The past Wyckoff Accumulation took 72 days to play out before the price started to recover. If we follow the logic that this time the time frame will be cut in half, this will mean that it can take up to 36 days for the accumulation to take place (around January 5th).
In addition, in the past Wyckoff Distribution and Accumulation Schematic, the distribution support level (at 48k) wasthe next sign of strength during the accumulation phase that followed. If this is accurate, this means that the next sign of strength for this accumulation period should be at 58k (this was the support level for the recent distribution).
So, we can expect the proce to keep oscilating between 55k and 41k, however it can still go under since we are missing the Second Test/Spring event. With that being said I am still very bullish on BTC. So keep HODLing and don't panic sell! Remember, we are still in a bull run market!!
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