CryptocurrenciesStrategy

Accumulation Phase

Last BITCOIN rise may have confirmed, IMO, the entry in the Accumulation Phase. This period of time may take weeks or months and it is characterized by a movement between range of price which can be clearly identified in the Daily Chart.

For instance, on 2015, BITCOIN defined the Key levels as follows:

Upper Resistance Level were tested at least three times during this period while the Bottom Support was tested twice, forming a double bottom, W-Pattern which is a bullish pattern. There was as well an intermediate support on which BTC rebounded a few time too.

On 2015, the accumulation phase lasted 10 months.

Currently, BITCOIN marked the following key levels:

  • Upper Main Resistance: around 4300 USD range
  • Lower Main Support: Our Lowest point, around 3250 USD
  • Possible Support of RISING BOTTOMS: The trend line formed by the main lows
  • Minor Levels: Support at 3460 USD and Resistance 4000 USD

Can we trade this levels? Obviously yes, I would suggest to do it with small size until the new trend will be confirmed.

How long is going to last this phase? As I said, it is going to take long. On 2015 was 10 months, I would not expect less here…

What we are going to see is a sort of wave cycles testing both main trendlines… So, be patience because we are going to see more of the following:

Breaking the upper line may confirm the end of the phase if it does with high volume.

@toofasteddie

*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

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