A Wyckoff Accumulation - Here is a little hopium from a TA perspective

Okay, TA doesn't work and all. If you think this is stupid, don't read further :)

I am a big fan of Richard Wyckoff. He talked about market dynamics, supply/demand, big investors entering/exiting based on their rules, etc in early 1900s and his wisdom still applies to markets today. I have been studying his stuff for over 3 years and it helped me make a living out of trading (part time for now, but I can if I wanted).

I think we are in "Accumulation Phase" where big money buying taking advantage of panic. This is how big money enters to markets. Willy Woo and other people posted on-chain analysis work to confirm this, but I'll only share one chart here trying not to use a lot of fluff and technical language.

These two blue lines are logarithmic channel starting from March 2020. We are bottomed there as of now. It can also be seen as a confirmation of bottoming.

Selling Climax --> Look how big is the volume. This is the top of the panic. People dumping like crazy because they are afraid. This is after Elon Musk & China FUD.

Automatic Reaction --> This is the rally right after the selling climax. Most of the time, we expect price fluctuating in between those two lines. I use purple box for that.

Secondary Test --> Price forces to go down again, but look at how it settles *above* the selling climax. Suggesting a trading range (between two lines). See how volume is decreasing and everything is stabilizing.

Spring --> This is the second/hopefully last big attempt to the down with huge down pressure. This is continuation of China FUD. Look at the volume and effort for downwards. So it is a trick to make people who are stressed and can't take anymore. Usually after everybody sells this point, price tends to recover quickly.

There are of course more to this analysis but I don't wanna clutter and confuse people further. Here is the accumulation schema

https://preview.redd.it/suq6n1xvvt671.png?1754&format=png&auto=webp&s=2f3c640ef1d476f301ed8af3ed2b0f0cd9d96ff0

​

and compare with my chart

https://preview.redd.it/ritnvr9vut671.png?1508&format=png&auto=webp&s=a7af7dea2a3780e17ef6f9334c4ff6b548effdab

It seems we are at what is so-called spring (phase c).

Price is 29.6k at this time (June 22, 2021). Let's see how this goes!

If you wanna learn about Wyckoff, this is a good start (not affiliated in any way): https://school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method

I also love Wyckoff Trading channel on Youtube (not affilaited in any way): https://www.youtube.com/channel/UCzdnvMNNeBSRRh1KWuJ_BUQ

Good luck!