Bitcoin Analysis: Wyckoff Accumulation Phase D and Future Outlook$BTC

In the world of technical market analysis, Wyckoff's methodology is an invaluable tool for understanding and anticipating price movements. In the case of Bitcoin, we are currently in phase D of the Wyckoff accumulation, a crucial moment that will define the direction of the asset in the coming months.

Wyckoff Accumulation Phase D: Preparing for the Jump

In this Phase, Bitcoin is looking for the Back-Up (BU) of the Last Point of Support (LPS). The LPS represents a low after a Signal of Strength (SOS), a price advance with wide ranges and relatively higher volume. This LPS implies a retracement to support that was previously resistance, in a smaller price and volume range.

During this bullish phase, some analysts may interpret the graph as chartism, such as the bullish pennant or wedge. It is expected that this pattern will complete and break when it has reached 80% of its formation, which is why we estimate that it will happen at the end. December 2023.

$25,000: A Solid Foothold

Our analysis gives us high confidence that BU/LPS will present around the $25,000 level. This certainty is based on the dynamic support provided by the 50-week moving average and the structural resistance line formed by the Phase A bullish rally of the accumulation.

Note: This article is for informational purposes only and does not constitute financial advice. It is recommended that you seek the advice of a financial professional before making investment decisions. I'll wait for you on my yt channel for the detailed analysis. DON'T FORGET TO SUBSCRIBE.