Wyckoff accumulation and Phases Update
This is an update on this TA:
Description of the Wyckoff method can be found here: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method
As I mentioned in the old TA, things are moving much faster than I anticipated and there is also a glaring mistake in the previous pattern.
This update uses price from instead of Bitfinex because the price history is longer and price actions are a lot smoother.
The pattern fits perfectly on price action, levels and volumes so far.
Reason for the update is the attention this has received and because I think we’ve reach A critical point, namely that we have started phase C.
The shakeout is well on it’s way and the depth of the market is being tested for supply. point to an exhaustion of the down trend.