BTC Wyckoff accumulation case without noises, spring?
Updated
In case, it is not easy to read in above chart:
View without the wicks, as those wicks can differs a lot depending the exchange (bitfinex, Okex, binance...).
And with even less noise, to spot the important support lines in play, a P&F chart:
I still expect the spring around 5900 (support from Nov 2017), as you can see we are already outside the trading range, so I will expect soon a test
down to 6000 and with low volume and the bounce to happen shortly after the break of support.
That is my favorite scenario and that is bullish. (I would dislike a weak rally now, a spring will bring a strong rally).
However...
If the spring does not happen and selling volumes are increasing (panic sell off kicking in), I expect the test of the orange line as support to the red line support (that is in the mid 3xxx). If that happen, I expect a long bear market and a slow accumulation before better days, as I see the cross of 100 and 200 EMA as a bad signal (see my previous idea in link) and that scary weekly Macd (I am not even showing the monthly Macd, too scary):
Yes, she seems to want to go to bear territory :(
That is not trading advice, I am still learning TA, feedback positive or negative are more than welcome! As they will help me to improve!
Have a great week!
View without the wicks, as those wicks can differs a lot depending the exchange (bitfinex, Okex, binance...).
And with even less noise, to spot the important support lines in play, a P&F chart:
I still expect the spring around 5900 (support from Nov 2017), as you can see we are already outside the trading range, so I will expect soon a test
down to 6000 and with low volume and the bounce to happen shortly after the break of support.
That is my favorite scenario and that is bullish. (I would dislike a weak rally now, a spring will bring a strong rally).
However...
If the spring does not happen and selling volumes are increasing (panic sell off kicking in), I expect the test of the orange line as support to the red line support (that is in the mid 3xxx). If that happen, I expect a long bear market and a slow accumulation before better days, as I see the cross of 100 and 200 EMA as a bad signal (see my previous idea in link) and that scary weekly Macd (I am not even showing the monthly Macd, too scary):
Yes, she seems to want to go to bear territory :(
That is not trading advice, I am still learning TA, feedback positive or negative are more than welcome! As they will help me to improve!
Have a great week!
Note
Mistake in the URL, two times the same, now the Macd:Note
Weak rally, but comparing the daily RSI with FebruarYOn 4 hours chart, RSI making higher lows:
What I expect on the short term:
Note
Ok, press play, price hit the box and bounce from it.Now, cannot be sure it is the spring but a potential spring:
Now, this is the pitchfork channel I am following for two day, now that it reach the red line, it may be a valid one:
What I hope to see for the coming hours:
Note
And not to forget, this inverse H&S:Note
Target reached, better than I thought.Let's see if this one plays out:
Note
Quick update, I think the pump is imminent:on the 1h, MA showing support
On the 4h, crossing the 50 line (pivot indicator), very bullish sign:
On the daily, hammer candle in the making (need to close first), note how the wick bouce from the channel line:
Note
Right in the box! and touched that blue dashed lines as well, I think it will move a bit in the box before another move, will update later:Note
Quick update:
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