Perhaps the big question facing Bitcoin (BTC) is whether there will be a dip to $4,500 – $4,700 zone and whether Bitcoin (BTC) has the ability to burst higher.
Right now, our inclination is to believe that Bitcoin (BTC) can take off from its existing position near $5,200.
Since the start of 2019, we have tracked a bottom scenario from the theories of Richard Wyckoff. Wyckoff was one of the first technical analysts. He was an educator and published a lot of his work in the early 1900s.
Looking at Bitcoin (BTC), we noticed that the Wyckoff analog has actually improved.
Specifically, the accumulation phase which Wyckoff referred to as the “last point of support” has ended and the uptrend has begun.
Looking specifically at the Phase D section, it seems to us that Phase D is ending as Bitcoin (BTC) consolidates. Bitcoin (BTC) may be ready to transition to Phase E. That could imply that another explosive up move is possible (Figure 1).
Figure 1
Bottom Line: This scenario has treated us well in 2019. In our view, this analog implies more upside in Bitcoin (BTC) is possible. Some of the oldest forms of technical analysis have been fruitful in analyzing the futuristic world of crypto.
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Source: April 22, 2019 / by Bill Noble