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Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
bitcoin accumulation pattern
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This Accumulation Pattern Suggests Bulls Are On The Right Side Of Bitcoin

Tony "The Bull" by Tony "The Bull"
3 years ago
in Bitcoin, Cryptocurrency Market News, Technical analysis
Reading Time: 3 mins read

Bitcoin price may be down compared to it was just weeks ago, but it is not out. Bulls are fighting hard and have been keeping $10,000 as unbreakable on the way back down as it was on the way up.

With each touch of the key resistance turned support, the cryptocurrency’s price action more closely resembles that of a Wyckoff accumulation schematic. If that’s the case, the crypto asset is being absorbed by smart money and whales, and mark up could come next.

Bitcoin Bulls Defending $10,000 Support, Or Is Smart Money Accumulating BTC?

Bitcoin price is now trading at around $10,400 after a valiant, week-long effort from bulls to keep the cryptocurrency above support at $10,000.

And while the battle at a glance looks to be hard-fought, what could really be going on in between each minor intraday price swing, is full-blown accumulation taking place at such a critical level.

Related Reading | “Weak Hands” Have Been Shaken Out On The Bitcoin Crash To $10,000

$10,000 acted as resistance throughout the bear market, and could now be acting as support. At the same time, either whales or smart money investors like hedge funds or institutions could be loading up on BTC while prices are currently low.

According to a sharp-eyed analyst, the cryptocurrency’s recent low timeframe price action closely resembles a Wyckoff accumulation schematic. If this is the case, what comes next is mark up to much higher prices.

wyckoff bitcoin accumulation

BTCUSD 30M Wyckoff Accumulation Schematic Comparison | Source: TradingView

Crypto Market At Critical Junction, Trend Ahead To Be Defined By Next Several Days

The current market structure in Bitcoin very closely mimics the schematic and shows that only a few days remain before this pattern is either confirmed or invalidated.

Falling below $9,800 and sweeping the lows, would likely either mean more downside ahead, or a quick shakeout before another move up – but it won’t be accumulation.

Related Reading | Data Shows Whales Are Loading Up On Bitcoin, But Why?

Accumulation would mean that smart money and investors might be absorbing the supply now at low prices, preparing to sell the asset much higher. A rise out of the current trading range and back to reclaim highs would confirm the pattern, and make higher prices probable.

Coinciding with this potential pattern, blockchain data shows that whales with wallets holding 1,000 BTC or more are loading up on Bitcoin now, at this high of prices. They’ve been doing so ever since Black Thursday, either preparing to hedge against inflation or perhaps for another reason.

Whatever the cause, the next days in Bitcoin price action will be telling if the current drop was to re-accumulate Bitcoin at lower prices, or just a stop along the way to new lows.

Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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