COMP | A Buyers Market: The Accumulation Phase

6 ก.ค.

We are now in the accumulation phase; a great opportunity for the avid cryptocurrency trader.

In this chart we have a long-term lower low.
This lower low is a bullish development based on the volume.

The first "low," on the left side of the chart, is really high volume.

The lower low on the right side of the chart has no volume.

The first low is short in duration while the second low is long in duration; compared to the first one. This fits Elliotts law of alternation.

We know what follows... There is more.

I am doing a close-up on the daily so you can see this candle...

➖ This is a reversal signal.
➖ 13-April comes the main low (far left).
➖ 18-June comes the double bottom.
➖ 28-June we have high volume buying.
➖ Today's candle (5-July) has above-average volume buying, a long lower wick and ends up green. So bears sold but bulls bought everything up.

These are indications that this market is starting to turn.

There can be another drop, a shakeout, etc. If this happens, this can be used as an opportunity to accumulate. If it takes time to turn bullish, focus on the long-term.

Accumulation for the next few months.
Buy and hold long-term.

Easy win.
This is a buyers market.

Namaste.