Well look at that! Seems we got a decent bounce. But now the question is what next... the volume and all the other signs are pointing to breaking down. And being the last day of the year coming up you would think the bears and bulls have a little shenanigans planned for the next 24-48... SUCH FUN watching the walls!
Highest Daily volume candle since October 6th on CB? Not convinced volume favours the bears anymore, even if was previously the case (and when you posted such an observation).
Price is struggling to get over the 200 Day MA & VPVR point of control around $48K, but otherwise looks neutral short to mid-term while remaining at this level. Quite simply, a rejection from this price is again bearish and a break above is again bullish. Hence $48K always being a key price level for me. Notably, the bears yet again failed to push prices lower than $46K, that instead attracted considerable buying pressure.
For now the trend remains sideways, with buyers stepping in below $48K and sellers stepping in above it. Until this narrative breaks, price remains undecided in a short to mid-term. Price has otherwise bounced from some longish-term support, which is a positive sign, but requires closing above $48K as well as moving back above $50K for confirmation. Otherwise is nothing more than another dead cat bounce.
While not being an expert in Wycoff accumulation theory, I am beginning to see this pattern within the current short-term trend:
Needless to say, it requires confirmation by a breakout above the current resistance level around $51K. Looks similar though.
The Wyckoff accumulation phase is a sideways and range bound period that occurs after a prolonged downtrend. This is the area where larger players try to build positions.
