Hello, dear subscribers!
Today is the first day of February and let's talk about price targets for this month.
The Bitcoin price has a huge growth during December and the first week of January, but last 3 weeks it is in consolidation phase. It is a great sign because there was an overbought condition on the market and now the capital is reaccumulating.
We provided a Wyckoff cycle analysis last time an as you know the current price action looks like a Wyckoff reaccumulation scenario. There are two different type of this reaccumulation could play out: with and without the spring. It is a big question now.
We can see that now the price is trying to break through the CPR level for February ($34200). In case of success the price will fluctuate in the range between $34200 and $40600 before we see the sign of strength and the potential growth to the R2 pivot level ($48000).
If the price goes down fron CPR level it is a high probability of the Wyckoff scenario with spring. In this case the first target is S1 pivot ($26600). After that the reaccumulation will continue and price can reach the R1 pivot level and do the same as in the previous scenario.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
Today is the first day of February and let's talk about price targets for this month.
The Bitcoin price has a huge growth during December and the first week of January, but last 3 weeks it is in consolidation phase. It is a great sign because there was an overbought condition on the market and now the capital is reaccumulating.
We provided a Wyckoff cycle analysis last time an as you know the current price action looks like a Wyckoff reaccumulation scenario. There are two different type of this reaccumulation could play out: with and without the spring. It is a big question now.
We can see that now the price is trying to break through the CPR level for February ($34200). In case of success the price will fluctuate in the range between $34200 and $40600 before we see the sign of strength and the potential growth to the R2 pivot level ($48000).
If the price goes down fron CPR level it is a high probability of the Wyckoff scenario with spring. In this case the first target is S1 pivot ($26600). After that the reaccumulation will continue and price can reach the R1 pivot level and do the same as in the previous scenario.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
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The downtrend was changed by the uptrend because the price makes higher highs and lows. The downward trendline is broken through it means which confirm it.
Now the BTC price formed the upward trendline and the small ascending trend channel. Also the price exceeds the CPR level of $34300, this is a great sign that the Wyckoff scenario can be without spring. It the price find support on the trendline we can see the price growth to the target ($37475). If the price now is able to break the upper channel's line this growth can be rapid.
The trendline breakdown could means that the Wyckoff reaccumulation with spring is going to be!
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.