Bitcoin (BTC) headed towards a key Wyckoff level on July 6 as BTC price action got traders excited about an altcoin surge.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewWyckoff in focus below $36,000
After seeing tests of $33,000 support, bulls won out overnight, sending Bitcoin higher. Now, a key area to watch is $36,000, popular analyst Rekt Capital says.
According to Wyckoff analysis, a popular method for charting BTC price action, $36,000 marks the likely end of a “phase C” and the beginning of a “phase D” for BTC/USD — with trajectory favoring the upside.
“BTC dips to the ~$33000 area and holds the orange Higher Low perfectly,” Rekt Capital commented alongside a chart on the day.