studying the 60k zone we got a new high that touches our resistance and then after that we got a pull back that breaks the support of the channel, and one important rule of price action is every time the price breaks a Channel or a trendline it will always try to reach I knew extreme
after this new extreme we already drawn a consolidation Channel and after a pullback, price broke the support doing some sort of trending Circle which is touches the resistance and then after that, breaks our shortened channel breaking our Trend Circle in converting our resistance in to a support
but what happened after that? Price drop below the 60k zone but when we got to the $59,000 we saw a strong pull back re-entering are range which is the one we measure in this is the beginning of this new phase and so far the price it’s looking very strong so I really don’t believe price will touch our orange support it will probably touch our Circle trend and then bounce to a new high
let’s go back to phase 3 and look around when they announced the China but it did some sort of a circle Trends and then consolidate before the price spiked all the way up and make a new extreme so we will probably see more consolidation and days this week
so all this method that I’m applying to this study it’s called the wickoff method price action its been doing so great and all the important patterns of Wyckoff are just doing great so far
Bitcoin so far has been accumulating and braking the consolidated channel accumulating and breaking but what i get a little concerned about is if we apply the waves methodology on this chart we are almost finalizing the on the last major wave process
According to the theory, markets move according to a specific wave pattern.
Five waves in one direction are the wave pulse, followed by three-wave correction and the process begins again only in a higher cycle