After the recent slump of the bitcoin price the market has paused the free fall and seems to start consolidating. What is more, the recent consolidation looks like an accumulation pattern known from the Richard Wyckoff method. It seems that phase A with selling climax and automated rally is behind us with potential phase B and secondary test.
Currently, the market may be in phase C with an inverted head and shoulders pattern. If the price will bounce back to 40 000 - 42 000 USD in the next hours or days, then phase D could be confirmed. In phase E the new upward movement could begin.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis, and opinions contained, referenced, or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
77.46% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Currently, the market may be in phase C with an inverted head and shoulders pattern. If the price will bounce back to 40 000 - 42 000 USD in the next hours or days, then phase D could be confirmed. In phase E the new upward movement could begin.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis, and opinions contained, referenced, or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
77.46% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.