1 - Macro 2 - Cryptocurrency Market Analysis - Consolidation Phase <- 3 - Short-term Market Monitoring - Future Markets and Liquidations
The chart exposes that we still are currently in a consolidation phase in the cryptocurrency market. Following the Wyckoff model presented last week, we are discarding the previously predicted scenario represented in Red and adopting the scenario represented in Orange, which developed in just 20 hours with a significant movement in the decision zone, between $58.2k and $60.14k.
This movement reflects the transition between phases, as large investors adjust their positions. This is a central aspect of the Wyckoff model, which helps in interpreting market actions and making informed investment decisions.
In a simplified analysis
There is a possible retracement to $60k. The weekly resistance, marked in blue, is at $67k, while the monthly support, indicated in purple, is at $52.77k. These are the key figures to be observed in the consolidation zone. Show Less