$BTC is currently in Phase D based on
Wyckoff
Bitcoin has further upside potential. If the price breaks through the resistance level at 72,000, the next price target could be the high around 84,000.
Key Points:
âą Phase D (Accumulation): Bitcoin is being accumulated by large players (institutions) after a period of price decline. This is characterized by increasing trading volume and the formation of strong support levels.
âą SOS (Sign of Strength): A significant price increase in early April indicates strong buying interest and is an early signal of a potential trend reversal.
âą Last Point of Support (LPS): The formation of a support level around 60,000 shows that buyers are strong enough to prevent further price decline.
âą Backup (BU): A brief price decrease after the SOS to test the support level and trap sellers.
Resistance Lines: Horizontal lines at 68,000 and 72,000 indicate resistance levels that need to be broken for the uptrend to continue.
âą Support Lines: Horizontal lines at 60,000 and 56,000 indicate support levels that can prevent further price decline.
