Trading ranges ( TRs ) are places where the previous trend (up or down) has been halted and there is relative equilibrium between . Institutions and other large professional interests prepare for their next bull (or bear) campaign as they accumulate (or distribute) shares within the TR .
In both accumulation and distribution TRs , the Composite Man is actively buying and selling – the difference being that, in accumulation, the shares purchased outnumber those sold while, in distribution, the opposite is true. The extent of accumulation or distribution determines the cause that unfolds in the subsequent move out of the TR .”
In this Wyckoff idea we can see we have clearly reclaimed and broken out of the trading range, if you observe the below schematic I believe we are currently looking to put in #14 LPS at this stage, I would hope for an LPS around 35-36k but that is not a guarantee and if the Fear Of Missing Out is strong in this market then an LPS bounce at 38-39k would make more sense.
To put it simply, I am expecting a retracement on Bitcoin and this to be the last great buying opportunity we have before pushing towards the earlier highs at $60,000 region again.
See the above Wyckoff Schematic and look at #14 LPS For cross referencing, this is the next stage we are looking for.
My personal buy in levels recently are in green, my target areas are in red.