Wyckoff Accumulation Bitcoin 1H Update for BITFINEX:BTCUSD by DaanVerbeek

At this moment the accumulation is at a critical point, in the first post about Wyckoff I assumed that the price was behaving as Schematic #1. However due to the extended fourth wave there is a possibility that it is switching to Schematic #2, this would than result in more of a trading range for the coming days instead of high volatile price action.

The retrace of last night was perfectly supported by the 0.66 (The top of an extended version of the golden pocket) of the fib retracement of the first wave. It was was also supported by the .236 fib retracement of the third wave (since there was no close below it). However, we should have a second test of the resistance level at ~40,500 within 24h. When this test does not happen we could see a low earlier than predicted.

Next to this, we can see a breakout form a relatively simple rising wedge pattern, the target of this breakdown is around the same region as the spring of Wyckoff in Phase C. However keep in mind that the resistance line (prior support) is not tested and thus not confirmed, this can lead to the fact that the pattern breakdown is uncertain.

As well I want to apologise for the misleading titles of the last two days in which it said that it is a distribution instead of an accumulation. A distribution is entered with an uptrend and an accumulation is entered with a downtrend.

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