Remember all those wyckoff accumulation charts we saw in last year's mid year dip. It proved to be correct, I haven't seen any such analysis getting around now but things look similar. Has anybody seen any of that analysis done on this dip?
I seem to remember someone posting about it some days ago, basically saying that it looks good.
I was posting about it before when it looked like wyckoff accumulation on the 4hr chart, though unconfirmed, but this structure has now been broken with the recent drop:
Posting this again for some New Year Hopium. Recent bounce from $46K still looking like a "spring" for Wyckoff accumulation, even more so after creating new closing low on 4hr:
Based on the current price structure, it doesn't look like wyckoff to me, at least not on a line chart. On a candle chart, we'd be in Phase B at best, prior to creating a lower low:
As for current outlook, I'm personally not seeing $40K-$46K range as providing much support given the volume gap, even if a dead cat bounce could occur from here at any moment:
The $42.5K level is merely a "last line in the sand" before lower lows, similarly to how $46K acted as such after failing to find support and getting rejected by $48K MA support. The 0.236 fib retracement around $38K where volume lies and previous VPVR point of control around $33K-35K is more likely where a macro higher low would form imo, while taking more weeks to get there. Daily RSI is bearish, but not even oversold yet (like back in May) for reference sake, the Weekly RSI hasn't even turned bearish yet, as food for thought. There's plenty for room to the downside if price strength continues to weaken basically.
Ultimately price closed below the 50 Week MA again and the bears followed through, breaking both support trend-lines, as well as MA support. Doesn't look great to me anymore to put it simply. At least the on-chain data still looks good, but price structure looks pretty f**ked now. Truth is, Bitcoin has never been continually traded below the 50 Week MA within a bull market, so best to hope for in the mid-term would be further consolidation at higher levels. Still not seeing any argument for $20K-$25K levels, even if entirely possible now (70% drop from high to low), but otherwise not seeing any buyers at current prices either.
Ideally price drops hard and we get the crash over and done with as quickly as possible, somewhat regardless of how low it goes, rather than f**king around in no mans land. Just my opinion anyway.
Meanwhile we are still 50% above the year low, so no big harm is done. The problem bears have is that hundreds of millions people and institutions are dreaming of cheap bitcoins, so any bigger dip is quickly bought. Surely, we can go lower, I don't argue about that. There are always enough fools around there to sell at any price. I've just watched an episode of Pawn Stars, where some moron went to Rick. The dialogue went like this:
