BTCUSD 03-05-24

15 minute chart looks structurally like an accumulation, there are 4 signs of strength (joc x2, buax2) and there is no Phase C last test of supply. The intermediate trend is down and despite the fact that on the intermediate timeframe the market context is that price is in the position of a secondary test forming a trading range with bullish characteristics, however it is my opinion that strength in this trading range is only temporary and the market will test lower. However, before testing lower presumably the market will advance temporarily to the level of the daily SMA where it will likely reverse and continue the intermediate trend downwards and continuing to produce a spring or washout type (reversal) market action.

#Wyckoff