So there are a few scenario's that could play out here in this Wyckoff Theory.
We have established our Highest point ATH At point (A) Which is just off of the screen.
Then we proceed to our lowest standing low (B) Until we get to our Spring (H)
After we Leave (B) We proceed to a Lower High (C) - [This is a strong sign of a Accumulation Trend. Forming a triangle ]
Then we move a signature point a higher low to prove the accumulation zone that is what gives us the signal of a wyckoff trading zone.
we should expect a higher high at this point (E) At which point we see the creek develop behind the accuulation zone(F)(G). At this point we start looking for our Spring. A spring will signify itself to you by being the lowest dip you have seen since your ATH. (H). once we reach this critical point. the correction and rebound (I) & (J) should be a high lower then the spring. After this happens we can expect our Target to move usually to were about (E) is in height and start another trading zone.
In this case. We hit a heavy resistance pattern around (K) and have entered a Re test phase where this pivitol moment could make our break BTC for the weeks to come. If we down trend here and break back threw the Support and end up around 8-9k which is not a good spot for bitcoin, Thats a scary trading environment. If we can get back past these elliot waves and disprove the last theory i posted. and stay on top of this support line that we just passed threw. Then i think bitcoin might be able to climb to (RED E) around the 13k mark and start a new trading zone.
Thanks for reading!