Bullish Case for Bitcoin
BTC Exhibiting Signs of Accumulation
1 year after BTC price plunged from its US$20,000 high to a recent low of US$3,215.20, now we are seeing technical evidence of accumulation by the smart money is in progress.
Above is an illustration of Accumulation Zone of the Wyckoff Price Cycle. We are watching very closely for price to cross the creek (est. US$4200 level).
A break above the level, we deem that price has proceeded into the Mark Up Phase with 1st objective at US$5,800. If creek is not crossed, a break below US$3,190 will falsify our Accumulation zone analysis.
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