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Lastpointofsupport

BTC - Final Boring Torturing Phase Before BreakoutAs we can see BTC is behaving very simmilary of what XRP did after the SEC lawsuit in 2020. Wyckoff accumulation pattern is almost done, we just have to go through last boring phase, which could drag quite some time. We could be doing a simple ABC correction. Its a phase where a lot of retail will sell, specially those that bought back in at this recent 24k high. Imagine if prices were to stay hoovering here till Sep., when most of retail tought we are already breaking out. For those who understand Wyckoff accumulation pattern, we are currently in SOS (Sign Of Strength) phase and are haeding to LPS (Last Point of Support) in an ABC style which could be as low as 18.3k so don't get scared if that happens. As far as ABC correction goes, we could be already be done with an A wave and are heading up a bit for a B, but i'm not shore about that as A wave could still be in the making. I am not expecting any violent breakdown as there are just to little long positions open as opposed to short ones. DISCLEMER: I am not a financial advisor so non of this should be taken as a financial advise. Be well.
by CR35
2
Accumulation Structure Last Point Of Support in The MakingBitcoin has been in a sideways range since Jan 24th after dropping from ATH in November. Since then accumulation structure has formed and showed sign of strength at the begining of March by hitting 45.352 and rejected from 200MA. Following this rejection, Bitcoin started printing higher lows and has successfully broke above 200MA in it's second attempt. I'm expecting a re-test of 200MA as a LPS and continuation towards 47k as sign of strength, so i'm buying this re-test. If we manage to break 47k, new upwards momentum can take us towards 50k-60k range where we'll need to re-accumulate before moving up further. Slava Ukraine!
INDEX:BTCUSDLong
by BitcoinMillio18
25
Put Your Head On My Shoulder :)Hi all, Looks complicated but really isn't. The dashed green trend lines are the neck lines of previous head & shoulder patterns and we are about to touch them. So, obviously, a reaction is to be expected which will give us a new higher low that will form the left shoulder of the inverse H&S pattern. This is also the Last Point Of Support (LPS) of the wyckoff accumulation i shared in my previous post. Once 47k is tested and validated as support, i expect a strong bounce to the upside. If it's lost, good luck. Next level would be 52.900 which is also the top of the mega cup and handle formation that translates in to a breakout as well! However the real big resistance awaits at 54.800 This is the neck line that took us 25% below. It must be crossed with momentum. Markets are in a standby mode, waiting for the debt ceiling discussions to be finalized. $1 Trillion vs $3.5 trillion makes a difference :) But, hey what do i know. Trade safe!
Short
by BitcoinMillio18
9
Short Opportunity Before LPSHi fellas! This is what accumulation DOES! You will not go up before everyone turns bearish! Even the best traders i know were heading for 37k and boom, stops were hit! Lessons learned, never short the support! (once again!) Now, this is the Show Of Strength moment (SOS) in this accumulation zone. It was quick right? Patience pays off! We had literally tested supply with 10 touches! However, if you are late to the party, or got caught in the opposite direction, it would be best to move on to the next trade during retracement and use this as a short / take profit opportunity. As always, i've set TOTT to take the short for me, if there's ever an opportunity :) I'm expecting a LPS (last point of support) as a higer low around 46k and if that fails, 43.440 would be my second target. Long term bullish uptrend is finally established, BUT 50k is very important to cross, otherwise this uptrend may come to an end! Take profit during retracements and ride the winner. But, hey what do i know. Trade safe!
Short
by BitcoinMillio18
13
Bitcoin Is Dead, GAME OVER!LOL :) This is what you will hear from bears screaming bear market and it's the perfect buy signal :) Here's why: 1- The Up Trend is Intact From a long term perspective our uptrend stride has finally found it's third touch and the supply trend is validated. Even a second spring happens, it will just be a shakeout. 2- The FED News This is where the reversals and beginings of rallies happen. Remember Elon Musk & Jack Dorsey Talk? That was at $29k where everybody was screaming Bitcoin's dead. As i mentioned in my previous post, FED has an update on Tapering this week Wednesday, 21-22. It is quite the same sentiment when we were at 29k. Just look at the runway! 3- Wyckoff accumulation in play Although not textbook, we are yet in another local wyckoff accumulation order block within an uptrend. Few more days of fear pomping would be just enough to get weak hands sidelined and rally begins. These accumulation zones only add up to the price target. This last drop is actually a higher low and marks as the LPS (Last Point Of Support) My short term bots were triggered yesterday and shorted 30% during the drop while i was sleeping. I'm considering closing these shorts manually before they are triggered and enjoy profits. Undecided for now. So, wait until you hear everyone turns bearish within few days if not hours and the opportunity will present itself. As always, i'm probably wrong. Trade safe.
by BitcoinMillio18
36
Last Point Of SupportHere's the monthly chart for a broader (and cleaner) view of the current price action. Current pull back carries a lot of similarities with the hard fork crash back in November 2018. Both events were the biggest attacks on Bitcoin network and on both occurences the hashrate has dropped significantly overnight. Once the decentralized network proved to be rock solid and indestructable, investors didn't wait long before going back in this opportunity, following a 5 month rally. Many didn't think crossing 42k is the show of strength we have been waiting for and still waiting for 20's. I would call it greed after seeing the clear breakout from the downtrend. You have to react price action as it evolves and this wasn't a regular bull trap situation. A bull trap doesn't take $13k to play, from 29.292 all the way to 42.404 in just 10 consecutive days. This is called nothing but a major sign of strength in terms of Wyckoff analysis and it is the signal that confirms accumulation throughout the trading range. Current correction marks the last point of support, presenting a big opportunity to enter a long position. I believe Elon Musk's commitment on not selling Bitcoin on B world event and the confirmation from Tesla's earning report, ignited this rally and with the hard fork event occuring tomorrow in Ethereum will ignite the rest of it. For me, the question was always accumulation vs distribution and the answer is crystal clear right now. This is why buying at 41k or 37k really doesn't make any difference to me since the destination is set. It's not the time to be greedy. I've also updated the p&f chart assuming 37k as the dip of LPS. If it goes lower to for example 35k, just deduct 2k from lower targets in red and you should be ok. This will be my last post on TradingView and i won't share any updates until next time to sell, probably sometime in November, because i don't want to comment on short term zig-zags. I'm a long term trend follower and i just found my trend, hope you find yours too. Take care and good bye.
INDEX:BTCUSDLong
by BitcoinMillio18
32
Point Of No Return!Alright people, are you ready to meet my bull face? I never actually removed my laser eyes anyways :))) There's a bull inside of every bear and vice versa! Let's start with, the bad news: Redistribution is invalidated, no more 20k in the horizon. The rally from 30k has set the end of redistribution scenario which has always been the possibility and this also means the whole time we were in accumulation, just like i first started the analysis of this series. Look at my very first wyckoff accumulation analysis: I didn't even know about redistribution back then and even called this incorrectly as reaccumulation, see how far we come :) Good news is that the structure is now much clear. Especially by the help of my infamous indicator TOTT, which has printed the first buy signal since selling on April 24th. I trust it, because i have been backtesting it for 6 months, maybe more. This is the wake up call for me and I'm pretty confident that we are going up soon. (Last words LOL :) The primary accumulation is ended with the streak leg up and now, we are in a smaller reaccumulation which will take us to the demand side of the newly forming uptrend channel. It will take us till late August to break above 40k and start a new leg up all the way to 60k levels and another reaccumulation to resume the trend towards 80k where the distribution starts playing with the preliminary supply event up until 100k. Let's look at the p&f chart for the accumulation count and price objective Copy this Open4Profit! (The guy who copied my previous p&f analysis and presented as his own. Glad that idea went bust :) To sum up, we are going to 100k in 4 easy steps: Step 1 / 35-41k Reaccumulation / 41-59k Markup Step 2 / 59-65k Reaccumulation / 65-77k Markup Step 3 / 77-83k Reaccumulation / 83-89k Final Markup Step 4 / 89-100k Distribution & Blow Off Top And then you'll have a very big problem on how to spend your money till the next bull cycle :))) It's ofcourse too early to set the boundaries of channel as it has yet to make the down move, but this is the opportunity right now for us to buy the last point of support. THIS WILL BE THE POINT OF NO RETURN! My target entry points are split between these support levels with different asset allocation. 37.300 - Monthly support (May Close) 36.500 - Bottom support of new trading range 35.800 - Additional step between spring and support 35.200 - if a spring type action occurs I see sub 35k highly gone forever Laura. Starts are aligned, limit orders are set, waiting to get filled. If, we don't go down to these levels, i'll buy the breakout anyway. My previous target, the breakout above 41.330 is still valid, BUT if it happens today or too soon before going down first, it would most probably be a trap to shakeout the weak hands. So, if you already bought here, you need to hold on tight and move your stop loss lower around 30k if you don't want to get liquidated. If you want to buy the breakout, wait until this consolidation ends, in the meantime enjoy lower prices whenever you can. That's what i will be doing. I wish we went down further and took the chance, but this bull cycle seems to be a double top scenario like 2013. So here you are, going to the moon :) Best.
Long
by BitcoinMillio18
115
Let's Assume We Are In An Uptrend & The Dip is InNow that everyone turned bullish, i wanted to analyse the possibility of an uptrend. Let's start; We have seen a higher high (HH) on June 29th at $36.600 following a higher low (HL) which are bullish signs, but notice how the HH felt $650 short from the top of this so called uptrend! It should have made a high at least at $37.253 which was the close of May. It didn't and that's weakness. Maybe what we were looking at was an upthrust after distribution (UTAD)? Now, price has just touched $35.750, the old weekly high and pulled back, we should see a jump towards $40k if this uptrend is real. That's a $5k candle. Bitcoin is know for it's unpredictability, it certainly can do this jump but i would like to see that candle first before i enter a trade. Because if this is just a nother trap, then we are looking at a Last Point of Supply (LPSY) in wyckoff distribution theory which ends up in a markdown like the one we had back in May 8-10. Look how we made HH's and LH's until the huge drop and notice the weakness. Speaking of wyckoff, i'm seeing lot's of uneducated comments and analysis on this, even from the famous social media gurus. When you ask them, they would reply; "I'm not a wyckoff guy" LOL :) One should - at least- know that there are 4 schematics in Wyckoff Theory not 1: 1- Wyckoff Accumulation 2- Wyckoff Re-Accumulation 3- Wyckoff Distribution 4- Wyckoff Re-Distribution Everybody is referring to Wyckoff Accumulation and how it's on track, however re-distribution schematics is almost identical until phase C. That's why validation of the schematics is very important. These weaknesses we have seen until now does not validate Accumulation and it's a signal for re-distribution unless we see that candle at 40k's. So, is it worth to take the risk now? No.
Short
by BitcoinMillio18
50
Bitcoin Wyckoff Accumulation 1H Last Point of SupportAs predicted bitcoin got rejected at the 38k yesterday, however after being rejected it flipped the previous resistance of 37k into support. After finding support on the 37k in combination with the 0.66 golden pocket fibonacci retracement of the very first wave after this we got a price increase and an increase in volume when we broke through 38k. We are currently close to reclaim the 39k, however, I think it is more likely to retrace back to 38k and test the previous resistance as support now. This is also supported by a .786 fibonacci retracement of the first wave and a .382 fibonacci retracement which provided support before. When the price holds above the 38k the likelyhood of breaking 39k and going for the 40k is much higher.
BITFINEX:BTCUSDLong
by DaanVerbeek
Bitcoin Wyckoff Accumulation Last Point Of SupportLast night we failed to reclaim the 36k, this was an important level if we wanted to see some more upside. After getting rejected on the 36k (which was also a .236 and 0.5 fibonacci level) we fell down to test the first support level of the wyckoff model, at the time of writing it seems to hold. When this holds we could see a small increase in price but in the optimal scenario we would like to see a second test of the support before we go higher. Therefore I think that an increase in price towards the 21 and 50 moving average is likely (~35,200) this is also supported by the 1.618 of a larger trend extension*, followed by a small price correction to retest the First Support. However, when Volume increases during the approach towards the moving averages it could be that we break through them and see another test of the 36k. * 1.618 of the larger trend, here you can also see that the low of last night was supported by the 1.272 of a fib trend extension.
BITFINEX:BTCUSD
by DaanVerbeek
13
Bitcoin Price Action Extra - Wyckoff Accumulation Disclaimer: If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to succeed long term. If you fall into the majority that tries and fails then I assume no responsibility for your losses. What you do with your $ is your business, what I do with my $ is my business. Sawcruhteez Strategies: Comprehensive Trading Strategy - Consensio | Comprehensive Trading Process | How to BUY THE DIP | Advanced Dollar Cost Averaging Methods The 4h chart looks like Schematic #1 of Wyckoff Accumulation Pattern . We have jumped the creek and created a higher low which is where I get very interested in this pattern. The higher lower after jumping the creek is point #12 in accumulation and that is Wyckoff's favorite entry point. If price breaks through the horizontal resistance lines and throwsback for a retest then that would be the second LPS / point #14 which is his 2nd and final entry point. This indicates to me that the market has had the chance to consolidate properly before the expected market period. www.forexfactory.com Consensio on the same time tends to agree. The 200 EMA has supported multiple attempts and the 50 is squeezing sufficiently. This is where the higher low and the 9 EMA is most important to me. I really want to see price support above the prior higher low ($7,680) and for that to be followed by a bullish cross with the 9 EMA. If that happens then I will feel very confident that we will be ready for the all excited markup period : )
BITSTAMP:BTCUSDLong
by Sawcruhteez