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Longbtcusdt

Long BTC to $25,600Cognitive flexibility, required to shift one’s bias from bullish to bearish, long to short, and vice versa, based on market conditions, is extremely valuable as a trader. In previous publications, I mentioned that since the BTC price has been in a down trending environment for nearly 9 months we should assume that the current trading range (31 days and counting) is re-distribution unless the market conditions tell us otherwise. The BTC price is up 22% since the secondary test (ST) on July 13. Thus, the current market conditions tell us that we should consider whether the current trading range is re-accumulation instead of re-distribution. If the current trading range is re-accumulation, then the secondary test (ST) on July 13 had a spring-like effect and the subsequent rally, which broke above the trading range upper bound, broke above the value area high (VAH, purple line) and, most likely, will close above the open of the significant sell bar (shaded pink) on June 16. This is bullish! The 2 day, 4 day, and 8 day all look bullish. With regard to a long position, target 1 is $25,600 and target 2 is $29,959. Wyckoff abbreviations: automatic rally (ARa), preliminary support (PS), selling climax (SC), secondary test (ST), failed upthrust (FUT), upthrust (UT), upthrust after distribution (UTAD), last point of support (LPS), selling climax (SC), shakeout (SO), sign of strength (SOS), sign of weakness (SOW), Phase A (Ph A), Phase B (Ph B), Phase C (Ph C), Phase D (Ph D), Phase E (Ph E). This is not financial advice. I am not your financial advisor. This is my opinion.
BITSTAMP:BTCUSDLong
by Eightchains
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