Long

Wyckoff accumulation part3

Updated

olmost a month ago i made a idea of the wyckoff theory as i saw the first signs forming, based on my experience i made a chart of it, i have been way off if it comes to time wise but the targets were perfect, so this time i made a new idea, this idea still is about the wyckoff and also the potential chanse of failing the wyckoff theory

so what you see here in the charts is a full lay out of the wyckoff theory, as mentioned before i made 2 previous ideas about it, but today i will also discuss the danger that lures around of being to optimistic on how things play out, as a trade you will always have to look boths sides and not just 1 side

as you can see within the wyckoff template we see a bearish pennant that could be the key factor here to invalidate the wyckoff theory, the general rule however is that the bigger a pattern is the more likely it will play out so the offs are still in favor for the wyckoff theory , al so you would think?

the reason i am saying this is becuase if you look on the daily chart you basicly see a bearish flag and within the flag basicly our wyckoff, this could in some way support this bearish pennant we have within the wyckoff pattern and its something to really watch for!

as the days go by i will continue with updates to keep you up to date! if you like this idea of mine dont hesitate to throw a like and follow ;)

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hey there, an update again :p
the bearish pennant that formed the past week is somewhat invalidated but we can stil make something bearish of that pattern however i think its getting more unlikely it will play out becuase the target of the wyckoff theory at 36.5k has been hit, my expectation now is that we are going back to the 32.6k zone to retest the rising support it made (green line) this will be our main focus for the coming 2 days.
btc must make a higher low to keep the wyckoff validated, if so it becomes more and more likely that phase c will be valid and closed, entering phase D will be an exiting one as we have to see more strength then the past weeks but i will keep you guys updated if anything changes ;)

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note that i slightly changed the wave we are in now abit lower this is becuase either way the wave will be valid aslong it is holding the green support channel drawn on the image above here

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Hello all, with another update , as you can see on the image below we basicly somewhat soft hit the target i just dont think that will do the trick to have a reversal, markets tent to hard test a support if strong enough it will bounce, so my opinion here is that we will be going sideways abit untill the support channel is propper hit before moving up again ;)

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also to note is that the stoch rsi on the hrly is overbought wich should support the blue lines movement before we break out of the ascending purple line signaling the reversal combined with a propper hit on the support

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just a little update of our progress on the update above here

as you can see even though the candle isnt closed yet we likely going to have a hrly bearish engulf candle forming, its important to note that yes we havea good support and its likely to find its way up there is to make sure you are also aware of the risk of it not holding it, or what btc often like to do is making some wicks below the support if you plan to trade this while i do not recomend and never would, make sure you have your stoplosses set! ;)

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another update, the target on support has been hit, now i dont expect a instant reversal here it will likely sit on support for the coming 6 to 12 hrs but moving along with it and not break it, there is still a potential we wil see a wick happening that pushes the price below support, but looks more unlikely now that yesterday evening, the hrly rsi continues to build a nice bull divergence indicating that the strength of this push down is losing its momentum

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new update , our previous bottom target got hit and as expected the not so instant move up retesting the red resistance, i expect a little move down before breaking this out upwards as shown in my previous image i posted in my updates, but update is all about my next target wich is going to be ranging between 37.3 to 38k, if we look back the past month we can see that btc have found many hits in that zone as resistance and support, and this would perfecly set our wave up according to the wyckoff theory, so in short my next target is 37.5 to 38k zone marked in red, before we see a propper retrace back to 35.5/36k ;)

Note

hello there with another update, so the past 24hrs it was technicly very interesting and some major techical factors made btc entering in a more bearish bias, the green line that got broken down and the resistance of the white line not reaching our target, now before we jump staight away into the invalidation of a wyckoff idea it is at this moment still valid, the purple support of the previous low is our key target, wyckoff will be invalidated if it goes below that wicks exluded that being said the outlook is not looking to great for btc right now becuase we broke some major supports horizontaly and diagonaly, right now its rly nowcasting and see what btc decides to do, if we look on our indicators you can tell its due for a bounce or a next leg up as it still could make a higer low, lets see what will happen, just becarefull trading and always put your stoplosses in place ;)

NGenetics

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