Bitcoin Wyckoff Accumulation Change to schematic #2

30 במאי 2021

In contradiction to what I was saying in my previous analyses Bitcoin made a pump last night after finding support on the golden pocket level of a fibonacci trend-based extension (.618- .66) and creating a low at the 1.618 of a trend based fib extension *. Due to this pump I think that it is less likely that the bitcoin price will have a spring, therefore, I changed my price predictions more towards the second accumulation schematic of wyckoff instead of the first one. When this hold the ultimate low will be created on Monday/Tuesday after this we would see increase to test and flip previous resistance levels into support. At the moment of writing the price is trying to reclaim the 36k, which in my opinion is not very likely at this point. If the prices gets rejected at the 36 a small downside move is more likely to happen, this also te prevent the creation of a large weekend gap on CME (which, most of the time, need to be filled before we can move any higher).

If (4) holds in the schematic an increase to the .786 of the first wave can be seen. However keep in mind that there is potentially some more downside and that (4) can be extended to the golden pocket where (5) and (2) also held support or in the worst case scenario to the .786 at ~33,100.

* The chart below shows the 1.618