Wychoff Accumulation Phase C short term recovery to $34,000
Just zooming into my proposed Wychoff Accumulation chart from yesterday (see link below).
Looks like we tested my spring target of about 25k and bounced nicely and could move to 34k by May 16. As equities close weekends, maybe that will help us reach our target until equities open Monday and maybe resume dumping bringing crypto down again with it. Coincidentally, a full moon that day as well but this will align with our first test followed by another bounce and on our way to Phase D.
Two scenarios have to play out for Phase D to happen though:
a) Bitcoin decouples from the Nasdaq Index and sentiment shifts to Bitcoin and gold being the best assets to hold in an economic crash
b) A big event, maybe the war in Ukraine ends or something to shift sentiment in the markets that will initiate a buy in back into markets
Good luck everyone and remember, this is not financial advise. Know your risks and don't cross them.
Looks like we tested my spring target of about 25k and bounced nicely and could move to 34k by May 16. As equities close weekends, maybe that will help us reach our target until equities open Monday and maybe resume dumping bringing crypto down again with it. Coincidentally, a full moon that day as well but this will align with our first test followed by another bounce and on our way to Phase D.
Two scenarios have to play out for Phase D to happen though:
a) Bitcoin decouples from the Nasdaq Index and sentiment shifts to Bitcoin and gold being the best assets to hold in an economic crash
b) A big event, maybe the war in Ukraine ends or something to shift sentiment in the markets that will initiate a buy in back into markets
Good luck everyone and remember, this is not financial advise. Know your risks and don't cross them.
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