BitcoinLong
Accumulation Schematic #1
Updated
Idea based on Wyckoff's Accumulation Schematic #1.
All events and phases are shown on the chart.
Even if the chart does not unfold as shown, RSI is bouncing from oversold on the daily, Williams %R is signaling a trend change on the weekly, both fairly reliable bullish indicators.
On a fundamental level, Mt Gox sell-off is over, SEC has announced that BTC and ETH are not securities, and with the very visible problems plaguing EOS, investor attention may likely switch from riskier alt-coins to "battle-tested" top coins like BTC and ETH.
All events and phases are shown on the chart.
Even if the chart does not unfold as shown, RSI is bouncing from oversold on the daily, Williams %R is signaling a trend change on the weekly, both fairly reliable bullish indicators.
On a fundamental level, Mt Gox sell-off is over, SEC has announced that BTC and ETH are not securities, and with the very visible problems plaguing EOS, investor attention may likely switch from riskier alt-coins to "battle-tested" top coins like BTC and ETH.
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Day trade idea:Note
We're about to do a jump upNote
stop loss is set to exit prior to the completion of the slated HS pattern that the bears have tried and failed to complete. Next try we probably won't be so lucky. We're hitting up against a slanted downwards slop as evidenced by the flat side of the hill we just created - the price continuing to bounce up against the barrier and getting shut down. On the 1hr chart, it looks like we're about to cross that boundary in either this candlestick or the next. I just wish I knew what that trendline represents, if anyone know, please post a comment below. I'll post a comment with the trend line. Note
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very solid fractal pattern developing on the 1min vs 4hr. Notice how closely the overlay is matched...Note
something to watch out for Note
hold onto your hats... we're about to take a massive drop...Note
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