Bitcoin Wyckoff Update: Upthrust Event In The Making
Updated
Hi all,
Wyckoff accumulation schematics are playing out well until now. Price reached at the upper resistance level of the trading range at $40.841. I'm exiting all my positions now as we are entering an upthrust event, because this will not be a sustained breakout and will flip anytime down fast according to wyckoff accumulation schematics.
Red circles on the chart indicates huge absorbtion by the composite operator, but he is just getting started. That's why he will dump hard around 45k with a handsome 40% profit and buy back at the highs of 20k and then 5x to 100K.
Now it's time for me to step back and wait for a week or two, until price drops below 30k, because i'm a low risk type and prefer piece of mind over greed. I will be going all in after the spring type action occurs. Note that spring type action may not happen at all, but i think it will happen, because the Bitcoin composite operator loves freaking out fellow bitcoiners.
Remember, we cannot know if we are in accumulation or re-distribution until a sustained up or down trend starts. I'm betting for the uptrend, but a downtrend is also possible.
The longer we continue accumulation, the higher the destionation will be.
Stay tuned & safe.
Wyckoff accumulation schematics are playing out well until now. Price reached at the upper resistance level of the trading range at $40.841. I'm exiting all my positions now as we are entering an upthrust event, because this will not be a sustained breakout and will flip anytime down fast according to wyckoff accumulation schematics.
Red circles on the chart indicates huge absorbtion by the composite operator, but he is just getting started. That's why he will dump hard around 45k with a handsome 40% profit and buy back at the highs of 20k and then 5x to 100K.
Now it's time for me to step back and wait for a week or two, until price drops below 30k, because i'm a low risk type and prefer piece of mind over greed. I will be going all in after the spring type action occurs. Note that spring type action may not happen at all, but i think it will happen, because the Bitcoin composite operator loves freaking out fellow bitcoiners.
Remember, we cannot know if we are in accumulation or re-distribution until a sustained up or down trend starts. I'm betting for the uptrend, but a downtrend is also possible.
The longer we continue accumulation, the higher the destionation will be.
Stay tuned & safe.
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Death cross update:
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If you are following this pattern, i'd like to warn you that accumulation is likely to invalidate and it can turn in to redistribution. Checkout my newer analysis.
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