Cryptocurrencies Strategy

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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