Bitcoin - Absorption in Play
After the Shakeout at point 1, Bitcoin is showing signs of absorption. Higher lows at point 2, 3 and 4 on decreasing volume signature suggest that supply is exhausted.
We are now testing the top of the big capitulation bar at point where supply has emerged in early September. Volume is still low (no evidence of supply) and the price action is constructive (higher closes, consistent demand). If supply does not emerge, the next logical price level to revit is $12K.
The current trading range 1-5 could be part of a much larger consolidation.
Full analysis available on our youtube channel for free. Join us each Thursday!
WYCKOFF CRYPTO DISCUSSION
https://www.youtube.com/watch?v=uJ1LJ2Y8hUY
We are now testing the top of the big capitulation bar at point where supply has emerged in early September. Volume is still low (no evidence of supply) and the price action is constructive (higher closes, consistent demand). If supply does not emerge, the next logical price level to revit is $12K.
The current trading range 1-5 could be part of a much larger consolidation.
Full analysis available on our youtube channel for free. Join us each Thursday!
WYCKOFF CRYPTO DISCUSSION
https://www.youtube.com/watch?v=uJ1LJ2Y8hUY
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