- Bitcoin price has wiped out all intraday traders’ safety stops for April.
- BTC price has fallen back into a consolidative trend.
- Invalidation of the uptrend scenario is a close below $34,500 on the daily chart.
Bitcoin price has fallen to its lowest point all month as the price has finally tested the anticipated $36,500 price level. The current price could be the final low for April.
Bitcoin price Wyckoff Spring
Bitcoin price appears to print the anticipated Wyckoff spring within the $37,000-$40,000 range. Intraday traders saw another fake-out on Thursday, which raised the BTC price back into the $40,000 zone. The bullish accomplishment was short-lived as the BTC price has since collapsed to $36,000, the lowest price point since February.
Bitcoin price could be printing the final low for the rest of the month. Traders should highly consider a dollar-cost approach at the current BTC price levels as the Bitcoin price could be printing a Wycoff spring. If this is indeed a Bitcoin Wycoff accumulation pattern, then the current low could get viciously retraced in a short period of time. The volume profile also indicates an extreme capitulation underway on the 2-hour chart.
BTC/USDT 2-Hour Chart
Invalidation of the uptrend scenario is a close below $34,500 on the daily chart. If this event were to occur, the swing lows below $31,000 would be the next probable target resulting in a 15% decrease from the current BTC price.