Let's take a deep look at the Wyckoff Accumulation Pattern forming on the Bitcoin 15-minute chart that could signal a big move soon!
đ Stage analysis:
1. Phase A: We saw a selling bottom at the (SC) level, followed by an automatic bounce (AR) as orders started to balance the selling pressure.
2. Phase B: The market entered a consolidation phase, which is a consolidation phase where weak hands are being squeezed out. We also observed several secondary tests (ST) where prices revisited the lower demand levels near 60,000.
3. Phase C: The most important event here is the spring (red circle) around 59,800, where Bitcoin dropped below the previous lows, trapping sellers and taking out late sellers. The quick recovery gave a strong signal of a possible bullish reversal.
4. Phase D: Here the magic might happen! Bitcoin is now in the resistance testing phase and we are carefully watching the Strength Signals (SOS) above the 62,500 level. If confirmed, we might enter Phase E, leading to a breakout that could reach 65,000+! đ
đ Important levels to monitor:
Support: 60,000 (Spring Bottom), 60,600
Resistance: 62,500 (AR level), 65,000 (potential breakout target)
đ€ Why is this important?
The Wyckoff accumulation model is a classic model that shows smart money quietly entering the market. Once demand outstrips supply, a rapid price rise usually follows.
Get ready traders! The next few hours could determine Bitcoin's direction. đ
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