I think most of you tired of this trading range. I told you about the pump two weeks since the Bitcoin dropped below $30k but the price is still next to $29k where I bought it last time. To be honest I expected the rapid bounce, but the fear on the market does not allow the price to grow.
Today I decided to consider the Bitcoin price action on the 1h timeframe according to Wyckoff theory. When the BTC dropped to $26k we saw the huge buying volume. I can interpret this level as the selling climax. All the following Wyckoff events are marked on the chart. I want to attract your attention that I can’t find the UTAD event the fake breakout with the huge rejection volume – the main feature of the distribution. Moreover the volume decreases during this range, thus I can conclude that this is the accumulation.
Using the classical technical analysis we can see that the BTC found support again at the Fibonacci golden pocket. The countertrend line should be broken to the upside to confirm our bullish scenario.
Another one evidence that Bitcoin is in accumulation you can find on the chart below. The Pifagor Big Guy indicator signals us that there are a lot of stable coins inflows on the exchanges from the institutional investors. The long positions of the institutionals (Bitfinex exchange) are on the ATH. I can consider that these stable coins they are spending on the Bitcoin purchases. Let’s wait!