Bitcoin targets $36K key Wyckoff level with altcoins set to 'grind up heavier'

Bitcoin targets $36K key Wyckoff level with altcoins set to 'grind up heavier'


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

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading up 4.6% versus the previous day’s lows on Tuesday.

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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.

“According to the Wyckoff Accumulation Schematic, $BTC is now in the very final stages of Phase C. $BTC needs to break past $36000 to enter Phase D.”BTC/USD Wyckoff scenario as

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