Technical analysis by tapeshark about Symbol BTC: Buy recommendation (5/5/2024)

#Wyckoff #TrendAnalysis #BTCForecast BTCUSD is currently in Phase A of of local re-accumulation trading range. Looking to initiate long position in Phase D of the current active range. The location of the price is the first pullback / test of the spring in Phase C of the greater trading range. I would like price to washout and test the spring with a deep retracement to the 'heckline' of the spring. _________________________________________________________________________________ COPY MPASTED FROM CHART: Continuing on from yesterdays analysis price is now retesting the 4 hour SMA and an assumed 're-accumulation active local trading' indicated in yellow is under development. At this point in time the 'automatic reaction' (AR) is still underway. Completion of the AR will occur when a secondary test of the 'buying climax' is achieved