Bitcoin is trading within the range of the daily candle I identify as the original Preliminary Support (PS), approximately $80.5K–$87.5K. During the previous sharp decline last November, this was where the market showed its first meaningful buying response, temporarily absorbing selling pressure.
According to Wyckoff principles, PS and the later Last Point of Support (LPS) often occur around the same price level. This makes the historical PS zone a relevant reference when assessing a potential BU/LPS following a Sign of Strength.
After months of what I interpret as accumulation, price has returned to this same daily candle’s range and has now spent roughly two weeks consolidating there. The earlier buying response gives this zone historical significance; the current reaction will determine whether it can support the next advance.
My view is that we could be preparing for another breakout. It does not need to happen immediately. My priority is to prepare and build exposure patiently as the structure develops.
I am gradually building long Position in the low $80Ks. A deeper pullback toward the 50-week EMA would be the area where I would look to add most aggressively. For now, I am scaling in slowly and patiently.
If price tests the $80K area and holds it as support, I expect a renewed advance toward a new local high. The PS/LPS relationship adds weight to that scenario, while confirmation still depends on how price and volume behave around support.
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Bitcoin is trading within the range of the daily candle, which I identify as the original Preliminary Support (PS) at approximately $80.5K–$87.5K. During last November’s sharp decline, this was where the market showed its first meaningful buying response, temporarily absorbing selling pressure.
According to Wyckoff principles, PS and the later Last Point of Support (LPS) often occur around the same price level. This makes the historical PS zone a relevant reference when assessing a potential BU/LPS following a Sign of Strength.
After months of accumulation that I believe has taken place, price has returned to the same range of this daily candle and is now consolidating here for about two weeks. The earlier buying response gives this zone historical significance; the current reaction will determine whether it can support the next rise.
My view is that we may be preparing for another breakout. It does not need to happen immediately. My priority is to prepare and build exposure gradually and patiently as the structure develops.
I am gradually building a long position in the low $80Ks. A deeper pullback toward the 50-week EMA is where I would add most aggressively. For now, I am scaling in slowly and patiently.
If price tests the $80K area and holds it as support, I expect a renewed advance toward a new local high. The PS/LPS relationship adds weight to this scenario, while confirmation still depends on how price and volume behave around support.
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According to Wyckoff principles, PS and the later Last Point of Support (LPS) often occur around the same price level. This makes the historical PS zone a relevant reference when assessing a potential BU/LPS following a Sign of Strength.
After months of what I interpret as accumulation, price has returned to this same daily candle’s range and has now spent roughly two weeks consolidating there. The earlier buying response gives this zone historical significance; the current reaction will determine whether it can support the next advance.
My view is that we could be preparing for another breakout. It does not need to happen immediately. My priority is to prepare and build exposure patiently as the structure develops.
I am gradually building long Position in the low $80Ks. A deeper pullback toward the 50-week EMA would be the area where I would look to add most aggressively. For now, I am scaling in slowly and patiently.
If price tests the $80K area and holds it as support, I expect a renewed advance toward a new local high. The PS/LPS relationship adds weight to that scenario, while confirmation still depends on how price and volume behave around support.
------------
Bitcoin is trading within the range of the daily candle, which I identify as the original Preliminary Support (PS) at approximately $80.5K–$87.5K. During last November’s sharp decline, this was where the market showed its first meaningful buying response, temporarily absorbing selling pressure.
According to Wyckoff principles, PS and the later Last Point of Support (LPS) often occur around the same price level. This makes the historical PS zone a relevant reference when assessing a potential BU/LPS following a Sign of Strength.
After months of accumulation that I believe has taken place, price has returned to the same range of this daily candle and is now consolidating here for about two weeks. The earlier buying response gives this zone historical significance; the current reaction will determine whether it can support the next rise.
My view is that we may be preparing for another breakout. It does not need to happen immediately. My priority is to prepare and build exposure gradually and patiently as the structure develops.
I am gradually building a long position in the low $80Ks. A deeper pullback toward the 50-week EMA is where I would add most aggressively. For now, I am scaling in slowly and patiently.
If price tests the $80K area and holds it as support, I expect a renewed advance toward a new local high. The PS/LPS relationship adds weight to this scenario, while confirmation still depends on how price and volume behave around support.
More strategy additions: add friend on Binance uid: 1150245747