As of February 9, 2025, Bitcoin (BTC) is trading at approximately $96,454, with an intraday high of $96,872 and a low of $95,686.
Applying the Wyckoff Method to Bitcoin's current price action suggests that BTC may be in the accumulation phase, characterized by large investors gradually purchasing assets to prepare for a potential upward move.
Key Observations:
Selling Climax (SC): Bitcoin experienced a significant decline, reaching a low around $95,686, where substantial buying interest emerged, indicating a possible selling climax.
Automatic Rally (AR): Following the SC, BTC rebounded to approximately $96,872, establishing the initial resistance level.
Secondary Test (ST): The price revisited the $96,000 region, confirming support and suggesting that selling pressure is diminishing.
Current Scenario:
BTC is trading within a range defined by the SC and AR, suggesting consolidation. A breakout above the AR level ($96,872) with increased volume could signal the start of the markup phase, leading to higher prices. Conversely, a breakdown below the SC level ($95,686) might indicate further downside potential.
Trading Strategy:
Bullish Case: Monitor for a breakout above $96,872 with strong volume as a potential entry point for long positions.
Bearish Case: Be cautious of a decline below $95,686, which could lead to additional selling pressure.
It's essential to consider overall market conditions and use risk management strategies when making trading decisions.
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As of February 9, 2025, Bitcoin (BTC) is trading at approximately $96,454, with an intraday high of $96,872 and a low of $95,686.
Applying the Wyckoff Method to Bitcoin's current price action suggests that BTC may be in the accumulation phase, characterized by large investors gradually purchasing assets to prepare for a potential upward move.
Key Observations:
Selling Climax (SC): Bitcoin experienced a significant decline, reaching a low around $95,686, where substantial buying interest emerged, indicating a possible selling climax.
Automatic Rally (AR): Following the SC, BTC rebounded to approximately $96,872, establishing the initial resistance level.
Secondary Test (ST): The price revisited the $96,000 region, confirming support and suggesting that selling pressure is diminishing.
Current Scenario:
BTC is trading within a range defined by the SC and AR, suggesting consolidation. A breakout above the AR level ($96,872) with increased volume could signal the start of the markup phase, leading to higher prices. Conversely, a breakdown below the SC level ($95,686) might indicate further downside potential.
Trading Strategy:
Bullish Case: Monitor for a breakout above $96,872 with strong volume as a potential entry point for long positions.
Bearish Case: Be cautious of a decline below $95,686, which could lead to additional selling pressure.
It's essential to consider overall market conditions and use risk management strategies when making trading decisions.
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