Noticing the hallmarks of a Wyckoff Accumulation underway in the 4-hr timeframe. The formation of a bullish Inside Bar off the recent low signals an incoming rally. I not also the potential for an Inverse Head & Shoulders to propel price back over $50k. The manifestation of the ‘spring’ is a much lower probability, imo.
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Did someone say "spring"?
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Well the bounce back above the AR level has taken 2 days longer than I expected, but it has done its job of bringing to market as much BTC as is possible and is now ready to continue higher.
But while the timing was out a little, the form of the price action is certainly consistent with the projection.
But while the timing was out a little, the form of the price action is certainly consistent with the projection.
If the rally resumes and the current candlestick turns around and closes above $46k, we get a classic inside bar formation confirming the rally. Or if we drop lower, towards $43k, that will signal the accumulation period is closing and trigger more buying.
Here's the daily view from a Wyckoff perspective.