Small Timeframe - Fractal Wyckoff - BTC
Updated
I've noticed several small timeframe Wyckoff distribution schematics unfold during this downtrend for Bitcoin., basically after every major impulse down.
Wyckoff schematics, like most things in charting markets, tend to have a fractal nature. See attached article for reference. So it is no wonder when you have a large timeframe Wyckoff schematic playout, you will see similar schematics playout on smaller timeframes.
This schematic is still premature, imo, and will have to monitor volume. Will it play out?
Confluence factors:
1. FIB time lines up very nicely with the impulse moves and corrections thus far.
2. FIB speed fan has the current local trend bending into a equal triangle along the top for resistance (golden pocket 0.618 / 0.66)
3. Possible UT at the 8 FIB time where it meets the FIB fan at 0.5.
4. Possible UTAD at 0.786 resistance of the Trend-based Fib extension. This was a major support flipped into resistance level previously, and caught a major wick almost to the dollar just about 2 weeks ago around 45500.
5. The 1.618 Fib extension is also acting as support at the base of the triangle (around
31K).
6. First target based on a simple 1:1 from the height of the triangle gives us about 19873, and is right around the 2.272 Fib on the same extension.
Wyckoff schematics, like most things in charting markets, tend to have a fractal nature. See attached article for reference. So it is no wonder when you have a large timeframe Wyckoff schematic playout, you will see similar schematics playout on smaller timeframes.
This schematic is still premature, imo, and will have to monitor volume. Will it play out?
Confluence factors:
1. FIB time lines up very nicely with the impulse moves and corrections thus far.
2. FIB speed fan has the current local trend bending into a equal triangle along the top for resistance (golden pocket 0.618 / 0.66)
3. Possible UT at the 8 FIB time where it meets the FIB fan at 0.5.
4. Possible UTAD at 0.786 resistance of the Trend-based Fib extension. This was a major support flipped into resistance level previously, and caught a major wick almost to the dollar just about 2 weeks ago around 45500.
5. The 1.618 Fib extension is also acting as support at the base of the triangle (around
31K).6. First target based on a simple 1:1 from the height of the triangle gives us about 19873, and is right around the 2.272 Fib on the same extension.
Note
This is the referenced article discussing Wyckoff's fractal nature: stockcharts.com/articles/wyckoff/2017/01/enjoying-the-short-term-view.htmlNote
The color in the background is a Gann fan that lines up very nicely with the Fib speed fan. I know it's a lot of lines and numbers, but thought it complimented everything, so left it in there.
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