Wyckoff Theory suggests “The Spring is in” for the Bitcoin price


  • Bitcoin price is seeing bullish candles following several fakeouts this month.
  • BTC price needs one upswing to justify the macro thesis.
  • Invalidation of the bullish scenario is a breach below $37,650

Bitcoin price back and forth nature spells for a Wyckoff accumulation in play. Traders should expect more up-trend with games and fakeouts along the way.

“The spring is in”

Bitcoin price has been a complicated chart to swing trade as the “original cryptocurrency” has experienced several erratic trend changes within the last few weeks. On a psychological level, the fakeouts and traps could justify an accumulation phase implemented by smart money. Analyzing the technicals, it seems the low point (meant to shake out traders) of the accumulation, also known as “the spring,” may have occurred.

Bitcoin price currently trades at $40,300, a level intraday traders should be very familiar with. Analyzing the Relative Strength Index, the bulls could be increasing in momentum. If the Wycoff methodology plays out, the bulls will continue to see uptrend rallies with brief retracements into significant key levels this month. 

TM/BTC/4.28.22

BTC/USDT 4-hour chart

Traders willing to take an early risk should consider an intraday trading plan accompanied by a dollar-cost average approach to maximize potential profit and manage risk. The ultimate target for Bitcoin price still resides somewhere in the $51,000 zone to complete the Wave D of the macro Bitcoin triangle.

Invalidation of the bullish thesis is now the swing low at $37,650. If the bears can suppress the Bitcoin price back to this level, consider $34,500 as their next target resulting in a 15% dip from the current price.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

MakerDAO whales sold over $9 million in tokens, MKR price takes a hit

MakerDAO whales sold over $9 million in tokens, MKR price takes a hit

MakerDAO whales sold over 3,000 MKR tokens in the past day. Maker supply on exchanges climbed between April 20 and Monday. MKR price declined by nearly 2% on Monday. 

More Maker News

XRP rallies past $0.50 as Ripple prepares for response to SEC requirement for $2 billion in penalty

XRP rallies past $0.50 as Ripple prepares for response to SEC requirement for $2 billion in penalty

Ripple prepares to file the opposition brief against the SEC on Monday. Ripple will respond to the SEC’s demand for $2 billion in fines requested in its remedies-related opening brief.

More Ripple News

Crypto AI token comeback likely after Apple's potential on-device LLM

Crypto AI token comeback likely after Apple's potential on-device LLM

Artificial Intelligence (AI) crypto tokens Render (RNDR), Bittensor Tao (TAO), The Graph (GRT), AIOZ Network (AIOZ), Golem (GLM), OriginTrail (TRAC) and RSS3 (RSS3) prices rally on Monday. 

More Cryptocurrencies News

Enjin Coin provides high-reward, low-risk buy-the-dip opportunity Premium

Enjin Coin provides high-reward, low-risk buy-the-dip opportunity

Enjin Coin (ENJ) price has been on a downtrend since the 2021 peak and shows signs of slowing down. The more than 50% crash noted in the past four weeks suggests a potential buy-the-dip opportunity. 

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP