Bitcoin Broke Out as We forecasted, What's Next?
On 11 Feb 19, we applied the Wyckoff Method and forecast that bitcoin (BTC) has entered into an accumulation zone (bottomed) and is expecting a breakout. We got the breakout today with BTC reaching a high of $5,106.
With the strong breakout, we expect BTC to range or pullback amid profit taking. It will also be an opportunity BTC to test its support (and the rest who has not entered to hop on).
BTC is currently trading in Mark Up phase, we will expect BTC to retest its $5,000 high and if successfully broken, next target would be $5,800.
Learning to recognise demand/supply balance and identify different phases of price cycle allow us to capture opportunity and reduce risk in our market operations.
Continue following our blog to learn more about Wyckoff Method and identifying various phases of price cycle.