Long

Wyckoff, Elliot Wave, Heikin Ashi, Fibs

Updated

BTCUSD Analysis

Harmonics:
- An AB=CD pattern seemed to be forming, but the ratios were not respected.

Elliot Wave:
- There is an Elliot Wave ABC correction that may be followed by an impulse.

Heikin Ashi:
- Bullish Trend.

Wyckoff Arsenal (The Wyckoff Method):
- Force vs Price Bullish Divergence;
- Technometer Clearly Oversold at 37.52;
- followed by a higher low at 40.24;
- and a small Bullish divergence with Price action.

Interested Target ares: 13618, 16618
Stop Loss level: 8960

______________________________________
Wyckoff Arsenal indicators:
- Optimism Pessimism Index Multi-Timeframe
- Force Index Multi-Timeframe
- Technometer Multi-Timeframe
- Momentum Multi-Timeframe

Trade active

Note

Confirmed Hidden Bullish Divergence: OP or Volume down - Price up
However, a failure to push higher may bring us to lower lows

Note

Force & Tech are trending upwards.
Demand is coming into the market - OP starts to trend upwards as well.
It gives a sense of harmony.

Let's see how it goes.

Note

here we go, a rally followed by harmonious indicators

Note

preceded*

Note

So far, so good - everything keeps trending upwards

Note

The Technometer is Overbought at 49.78!
Is it time to sell?
I don't think so. All the other indicators are still pointing upwards.
Although it is good to use the Technometer as a starting point of analysis, it is not ok to use it as a sole indication.

I'll be waiting for signs from all the indicators. Maybe we can find some divergences.

Note

Current support and resistance levels highlighted
Resistance - 12000
Support - 11100-11500

Note

We are now in a trading range. It may take a few days.

Note

The recent "decline" was not a breakdown. Bitcoin is still trading between the marked Support and Resistance levels.
Right now, Bitcoin is just at the Support level.
The non-spoofing buy orders in the order book maintain this Support level.

The Volume Delta is increasing (this information may be observed better on the intra-day charts) - Buyers are absorbing the Sellers.
Subsequently, we can see the divergence between CVD and price: Price marked a lower low while CVD maintained its level.

The Technometer just passed its neutral level towards the oversold levels.

Note

BTC is being sold into Tether
USD is flowing into BTC
A big move is coming...

Note

The sell-off pushed the Technometer's values to 41.12.
Some exchanges reached as low as 35 values.
A value of 38 or lower is considered to be clearly Oversold.

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