Short

Bitcoin Near Term Price - Wyckoff + Fib + Momentum Analysis

Updated

The first-attempt Wyckoff distribution schematic seen on this chart is a popular one floating around at the moment. I've included fib extensions that are very well respected as a way to help guide target price points along the way. We may not drop as low as the 3.618, maybe 4.618, but I definitely believe we are down a bit before seeing a new all-time high. The momentum waves on this daily chart feature strong anchor waves and as soon as this upward action on the daily concludes, it will likely reveal rsi divergence which is what even higher timeframes are illustrating.

I'm expecting to see upward price movement towards the the x.618 fib, identified with the first LPSY -- 56kish -- and then begin a more pointed downtrend price movement.

Near-term bullish, short-term bearish. Once we finally do bounce, based on a very similar pattern in previous bull runs, it will be a very inspiring bounce.

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Looking at the daily from a different view, notice the RSI divergence on the daily and the descending momentum waves from Market CIpher

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Going to the 3d timeframe, its even more convincing:

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Finally, for the most bearish indicator, I observe this now when looking at the monthly chart. When we reached the ATH at ~64k, the red dot appeared on top of a very, very elongated momentum wave. The previous dot before this red one appearing was ~9k.

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In case you're not familiar with Market Cipher B or momentum waves, here is a great example. Being a **leading** indicator, look at this daily chart for bitcoin and the price action where every green and red dot respectively appeared on the chart. They are powerful indicators of price action.

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A learning lesson to share, after we flipped resistance in the 60k range, I was single-mindedly focused on the idea that 58k was rock solid support and we confirmed a breakout to the upside on a 4hr timeframe as we moved up towards 63k.

I was literally laser focused on the idea a measured move to ~69k was imminent. Before I opened my long at 61k, which was rekted, I almost dropped my drink when I saw that haunting red dot appear on Bitcoin's 12hr chart after we hit the all-time high.

Well, I ignored it, and didnt think anything else of it. Totally delirious and euphorically psychotic, I failed to pay attention to this indicator which clearly had grim news for the direction of bitcoin. My lesson learned was not to second guess the cyclic, ebb and flow nature of money movement as it makes highs and lows with its waves.

Conversely, today we saw a 5k movement in Bitcoin price is a very small timeframe after we bounced at 47k. A green dot had just appeared on the 12hr chart. Case in point...

soundscapesss

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