IT CANT BE...IS BITCOIN GOING TO DO IT AGAIN??
Gamblers Paradise here again with another important Bitcoin Technical Analysis update for you cryptocurrency traders!
BOYY is it a goodie today too. This day has been a long 4 weeks coming.
Over the past 4 weeks we have been watching the three main timeframes -- the Daily, 4H and 1H timeframes.
The 1 Hour timeframe below is the most prominent in the pattern that we have been watching eagerly now since October 20th. That pattern has been the possible nail in the coffin to our bullish hopes for the rest of the bulll run; its the Wycoff Distribution Schematic #2
As you can see we have a fair resemblance to that pattern on the 1H and 4H timeframes.
Not only would this be a death blow to crossing the .618 fibonacci extension again without a SERIOUS CORRECTION, with probabilities showing we would go back to test around the
25K level. This would be a first for bitcoin ever, to not end a bullish parabolic run with a blowoff top and instead end it with a Macro Double Top with dual Wycoff Distribution Schematics.
I would coin that the "Dual Distribution Double Top of Death". (for all of those who love alliteration)
BUT LETS TURN THAT FROWN UPSIDE DOWN! I have good news for you!
Just about 2-3 hours ago, we saw the first descending resistance trend line being broken on the 1H timeframe! This also comes at a crucial point on the chart, where if we were to break below the 55k price level, we would have seen and confirmed the breakdown to finish out the Distribution Schematic #2 again. Instead...
THIS TIME WE HAVE FORMED AN A&E DOUBLE BOTTOM WITHIN THE SPECIFIC SUPPORT ZONE THAT I HAVE HAD OUTLINED FOR OVER A MONTH NOW THAT USES THE PREVIOUS DISTRIBUTION TOP WE HAD AS SUPPORT! WE GOT THE DOUBLE BOOTOM AND ALREADY BROKE ONE RESISTANCE TREND LINE A% 58k AND NOW WE ARE LOOKING TO BREAK THE 60K PRICE POINT. IF WE ARE ABLE TO GET A DAILY CANDLE-BODY TO CLOSE ABOVE THE 60K PRICE LEVEL, THIS CONFIRMS THE DISTRIBUTION PATTERN HAS BEEN NEGATED AND WE WOULD HAVE REVERSED THE PATTERN INTO A WYCOFF ACCUMULATION SCHEMATIC #1 PATTERN AND WE WOULD LOOK TO FINISH OUT PHASE D and PHASE E UP TO 96k-
98K
This figure below is the Wycoff Accumulation Schematic we would look at playing out with Phase D and Phase E
Wycoff Accumulation Schematic #1
The 4hour time frame shows the same, just is more consolidated which shows strength within the 1H timeframe breakout pattern:
The Daily chart though is showing the real strength in our pattern:
The daily is showing that we have support along the green curved 11 year Resistance trend line (CandleBody Closes) that bitcoin has respected time and time again for topping out the bull runs at the candlebody closes. The red curved 11 year Resistance trend line we did cross under, and we have to cross back above that and the falling channel descending (unconfirmed) trend line, we would also be looking to break back above the box outlined. ALL AT THE 60k PRICE LEVEL.
I guess its a good ting that the measured move for this breakout, would be 62k-
64K which would be more than enough distance to be able to clear out 60k resistance and close the daily candle above the 60k price level.
Here is the strategy that I am going with here:
Already opened a high risk yet high reward trade that i would not suggest that you make unless you know what you are doing. I opened a Long @57.6k just as we broke the first descending trend line within our falling wedge/channel.
For Anyone else:
IF we break 60k today with a daily candle close above;
Opt1) Place Long upon the breakout of 60k. Price target is 62.5k - 64k. Close Long within the price target range. Place New Limit Long Positions within the 60.5k and the 62.5k range and when the price action comes back to retest around the 60k level your new orders would fill. Then the new price target from there would be
73K-74k
Opt2) Upon breakout of 60k and we see that the trend is finishing its measured move up to about 62.5k-64K, place your long positions in the range of 60.5k-62.5k. Wait for your orders to fill upon the retest of around 60k
A piece of knowledge for these options; if we go to64K on the measured move, then you would want to look for 62k to be the retest. If the 62.5k point is the measured move then look for it to retest around 60k.
The market maker psychology play that would be available on this one is to break 60k, then possibly wick back below as a fake out and after test the 60k as support immediately. Then We would look for a move up to 63.5k and then down to 62.5k (since people are expecting the64K and 62k as landmark points of support and resistance). And then after the quick test of 62.5k area we would look for the break upward past the ATH at 69.9k and look for a top around 74k before re-testing the 70k level as support on top of the previous ATH.
IF FOR ANY REASON WE CANNOT BREAK ABOVE AND CLOSE A DAILY CANDLE ABOVE 60k WAIT ON THE SIDELINES FOR THE NEXT PROPER RISK:REWARD TRADE SETUP, IF YOU DECIDED TO ACCOMPANY ME ON THE VERY RISKY TRADE, YOUR STOPP LOSS IS AT 55.5k and 54.8k
BOYY is it a goodie today too. This day has been a long 4 weeks coming.
Over the past 4 weeks we have been watching the three main timeframes -- the Daily, 4H and 1H timeframes.
The 1 Hour timeframe below is the most prominent in the pattern that we have been watching eagerly now since October 20th. That pattern has been the possible nail in the coffin to our bullish hopes for the rest of the bulll run; its the Wycoff Distribution Schematic #2
As you can see we have a fair resemblance to that pattern on the 1H and 4H timeframes.
Not only would this be a death blow to crossing the .618 fibonacci extension again without a SERIOUS CORRECTION, with probabilities showing we would go back to test around the
25K level. This would be a first for bitcoin ever, to not end a bullish parabolic run with a blowoff top and instead end it with a Macro Double Top with dual Wycoff Distribution Schematics. I would coin that the "Dual Distribution Double Top of Death". (for all of those who love alliteration)
BUT LETS TURN THAT FROWN UPSIDE DOWN! I have good news for you!
Just about 2-3 hours ago, we saw the first descending resistance trend line being broken on the 1H timeframe! This also comes at a crucial point on the chart, where if we were to break below the 55k price level, we would have seen and confirmed the breakdown to finish out the Distribution Schematic #2 again. Instead...
THIS TIME WE HAVE FORMED AN A&E DOUBLE BOTTOM WITHIN THE SPECIFIC SUPPORT ZONE THAT I HAVE HAD OUTLINED FOR OVER A MONTH NOW THAT USES THE PREVIOUS DISTRIBUTION TOP WE HAD AS SUPPORT! WE GOT THE DOUBLE BOOTOM AND ALREADY BROKE ONE RESISTANCE TREND LINE A% 58k AND NOW WE ARE LOOKING TO BREAK THE 60K PRICE POINT. IF WE ARE ABLE TO GET A DAILY CANDLE-BODY TO CLOSE ABOVE THE 60K PRICE LEVEL, THIS CONFIRMS THE DISTRIBUTION PATTERN HAS BEEN NEGATED AND WE WOULD HAVE REVERSED THE PATTERN INTO A WYCOFF ACCUMULATION SCHEMATIC #1 PATTERN AND WE WOULD LOOK TO FINISH OUT PHASE D and PHASE E UP TO 96k-
98KThis figure below is the Wycoff Accumulation Schematic we would look at playing out with Phase D and Phase E
Wycoff Accumulation Schematic #1
The 4hour time frame shows the same, just is more consolidated which shows strength within the 1H timeframe breakout pattern:
The Daily chart though is showing the real strength in our pattern:
The daily is showing that we have support along the green curved 11 year Resistance trend line (CandleBody Closes) that bitcoin has respected time and time again for topping out the bull runs at the candlebody closes. The red curved 11 year Resistance trend line we did cross under, and we have to cross back above that and the falling channel descending (unconfirmed) trend line, we would also be looking to break back above the box outlined. ALL AT THE 60k PRICE LEVEL.
I guess its a good ting that the measured move for this breakout, would be 62k-
64K which would be more than enough distance to be able to clear out 60k resistance and close the daily candle above the 60k price level. Here is the strategy that I am going with here:
Already opened a high risk yet high reward trade that i would not suggest that you make unless you know what you are doing. I opened a Long @57.6k just as we broke the first descending trend line within our falling wedge/channel.
For Anyone else:
IF we break 60k today with a daily candle close above;
Opt1) Place Long upon the breakout of 60k. Price target is 62.5k - 64k. Close Long within the price target range. Place New Limit Long Positions within the 60.5k and the 62.5k range and when the price action comes back to retest around the 60k level your new orders would fill. Then the new price target from there would be
73K-74kOpt2) Upon breakout of 60k and we see that the trend is finishing its measured move up to about 62.5k-
64K, place your long positions in the range of 60.5k-62.5k. Wait for your orders to fill upon the retest of around 60kA piece of knowledge for these options; if we go to
64K on the measured move, then you would want to look for 62k to be the retest. If the 62.5k point is the measured move then look for it to retest around 60k. The market maker psychology play that would be available on this one is to break 60k, then possibly wick back below as a fake out and after test the 60k as support immediately. Then We would look for a move up to 63.5k and then down to 62.5k (since people are expecting the
64K and 62k as landmark points of support and resistance). And then after the quick test of 62.5k area we would look for the break upward past the ATH at 69.9k and look for a top around 74k before re-testing the 70k level as support on top of the previous ATH.IF FOR ANY REASON WE CANNOT BREAK ABOVE AND CLOSE A DAILY CANDLE ABOVE 60k WAIT ON THE SIDELINES FOR THE NEXT PROPER RISK:REWARD TRADE SETUP, IF YOU DECIDED TO ACCOMPANY ME ON THE VERY RISKY TRADE, YOUR STOPP LOSS IS AT 55.5k and 54.8k
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.