Presenting a wyckoff accumulation for
The main area of focus on this chart is the JAC (jumping above creek) that we see near the bottom of the trading range.
Price displayed a change in/of character by jumping over the dynamically forming resistance (made by connecting the peaks of the highs) on noticeably higher . This illustrates the market absorbing supply.
After this JAC, price entered an uptrend illustrated by the demand line and the supply lines. Price has reacted very nicely to these boundaries.
We’re currently facing the top of the trading range that happens to coincide with the upper creek. The appropriate course of action is to wait for another JAC and observe the . If the is markedly higher, then we accept momentum and seek to enter long positions during a retracement…most likely @ the top of the TR/upper creek itself.
( It is worth noting that crypto doesn’t always provide textbook retracements, so a pullback of any sort should be seen as an opportunity if the supports an entry. )
Lastly, the target range is taken by using a horizontal count and a point and figure chart of . A reversal of 3 and a box size of 50 was used. TF’s of the 1D and the 15min were used. As has a lot of intraday , each TF gave different results. I used the min and max for each resulting in a large target zone. However, the order block (indicated by the red dotted lines) can be used to narrow down targets and observe reactions.
Published at Sun, 31 Mar 2019 03:26:40 +0000
![Gas - pop [full album]](https://ohiobitcoin.com/storage/2018/02/e8jYXU.jpg "Gas - pop [full album]")