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Potential Turning Point for AMZN. The daily chart of NASDAQ:AMZN shows a well-defined long-term uptrend channel and ascending wedge in the short term. Two possible scenarios: Breakout upwards: If the wedge breaks upwards, the long-term uptrend continues, targeting the return line of the channel. Despite the uptrend already being mature, this would cancel out the signs of weakness, and the return line would be the next resistance. Breakout downwards: This seems more likely, as the ascending wedge indicates weakness in the short-term uptrend. A downward breakout could lead to a larger retracement, confirming the lack of a touch on the return line, indicating a loss of momentum in the long-term uptrend. Thus, a deeper retracement could potentially break the uptrend line of the channel. Let's keep an eye on it. What do you think will happen with Amazon?
NASDAQ:AMZN
by LuccasChartRoom
Re-accumulation by Wyckoff: BTC ready to skyrocket?Richard Wyckoff's methodology is one of the fundamental bases of technical analysis, allowing for a deep understanding of market structures and cycles. In this article, I want to present my analysis of the re-accumulation structure on the BTCUSD chart, which I created using the main principles of Wyckoff. It is important to note that real market data can differ somewhat from textbook examples, but the main idea remains unchanged. #### Introduction to Wyckoff Methodology Wyckoff's methodology involves analyzing market phases: accumulation, markup, distribution, and markdown. However, in the context of a continuing bull market, additional phases such as re-accumulation can be observed. The re-accumulation phase occurs after the initial markup and is characterized by a temporary sideways movement, followed by further growth. #### Key Elements of Re-accumulation Before diving into the specific analysis of the BTCUSD chart, let's break down the main elements of the re-accumulation structure according to Wyckoff: 1. **PS (Preliminary Support)**: Preliminary support – initial signs of stopping the price decline, accompanied by increasing trading volume. 2. **BC (Buying Climax)**: Buying climax – a sharp price increase with high volume, followed by significant decline. 3. **AR (Automatic Rally)**: Automatic rally – price recovery after the buying climax. 4. **ST (Secondary Test)**: Secondary test – price returns to previous support levels to test volumes and demand levels. 5. **UT (Upthrust)**: Upthrust – temporary price move above resistance level, followed by a return. 6. **Creek**: The upper boundary of the sideways range or resistance level that the price needs to break. 7. **Spring**: A sharp move down that quickly recovers, often aimed at testing support. 8. **Test**: Testing the support level after the spring. 9. **LPS (Last Point of Support)**: The last point of support before the start of a new uptrend. 10. **SOS (Sign of Strength)**: Sign of strength – significant price increase with high volume, indicating the start of a new trend. 11. **Jump across the creek**: Breaking the resistance level with subsequent consolidation above this level. #### My Analysis of the BTCUSD Chart On the BTCUSD chart, I tried to apply all the above elements of Wyckoff's methodology to identify the re-accumulation structure. It is important to understand that real market data can be more complex and contain additional repeating elements that are not always present in textbook examples. ##### Phase A: Accumulation In the initial stage, at the end of February – early March 2024, we see **PS (Preliminary Support)** – areas of initial support where the price starts to stabilize after a prolonged decline. The **BC (Buying Climax)** occurs in mid-March 2024, where the price sharply rises with high volume, followed by **AR (Automatic Rally)** – automatic rally, and **ST (Secondary Test)** – secondary testing of weak support level around 65,000 USD. ##### Phase B: Range Formation Starting in April 2024, the market enters the range formation phase. We see an attempted upthrust (**UT - Upthrust**) in April 2024, which quickly returns to the resistance level around 60,000 USD. **Creek** is the resistance level marked on the chart in the range of 68,000 - 72,000 USD. ##### Phase C: Spring and Test In mid-June 2024, there is a sharp downward move (**Spring**) to the mark of 56,700 USD, which quickly recovers. This element is crucial for confirming support. The next step is the **Test** of the support level around 60,000 USD, which checks if the price holds at this level. After Phase C, it is necessary to mention the third and fourth tests of the important resistance level around 72,000 USD, followed by a false breakout of the 60,000 USD level and a dip to 58,000 USD. ##### Possible Scenarios 1. **Second True Spring**: A second true Spring is possible with a new low around 56,700 USD, followed by a test of **LPS (Last Point of Support)**. 2. **Consolidation above 60,000 USD**: Alternatively, there may be consolidation above the 60,000 USD level, followed by a test of **LPS (Last Point of Support)** at the 65,000 USD level. ### Conclusion My analysis of the BTCUSD chart using Wyckoff's methodology and re-accumulation structure demonstrates how theoretical knowledge can be applied in practice. It is important to understand that real market data is often more complex and requires a flexible approach. Nevertheless, Wyckoff's main principles remain useful tools for understanding market cycles and predicting future price movements. This analysis helps traders better understand how large players manage the market and how to use this information to make informed trading decisions. I hope my analysis will be useful for those who strive to deepen their knowledge of Wyckoff's methodology and apply it in the real market.
BITFINEX:BTCUSDLong
by nefyodov.artyom
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