DaanVerbeek

DaanVerbeek

Relative new to the theories of Elliot, however this is a scenario that seems to be playing out. Hope someone with some more experience could comment on this idea, thanks in advance.

DaanVerbeek

I though of sharing my current technical analysis with all of the interested people. We have a few things lining up nicely. First of all we have a downsloping trendline from the ATH over the last two peaks of the BTC price action ( 52k and 43k) lining up with a .618 fibonacci retracement . Additionally this .618 fib retracement lines up with two key levels which...

DaanVerbeek

Today we have two different long scenarios. The first one being the bigger (From ATH to Low in June) .618 fibonacci retracement being accepted as support, this in combination with the previous week Value Area High and the .382 of the current move. The second setup would be from the previous day value area high in combination with the .618 retracement of the...

DaanVerbeek

Looks like a good long position. Lot of confluences around the 46.7k, including the current Range VAH and the daily open.

DaanVerbeek

As I gained more insight of Fibonacci analysis and how to combine multiple layers of it on a chart I was eager to try it out on the Bitcoin price. As we can see in the chart the price around 30.8k is marked as support by to fibonacci levels, the first one being a .65 retracement of point C to D. In addition it is also supported by the price projection 2.618 of B...

DaanVerbeek

As we saw spring last night it seems that the price action is now forming an elliott wave where we are just at the top of the third wave. This top is supported by several other resistance, and previous support lines, in combination with .618 fibonacci retracement of the very first wave of the accumulation phase. In addition we are now, around 36.5k, trying to...

DaanVerbeek

As 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...

DaanVerbeek

At the moment of writing we are testing the 36k as support, when this holds it is likely that we are not going to another lower low in the near future. The 36k is supported by two fibonacci retracements and has been tested before. If we hold support it is likely that we will try to reclaim 37k for this to be effective and succesful an increase in volume is needed....

DaanVerbeek Updated 

Last 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...

DaanVerbeek

In contradiction to what I was saying in my previous analyses Bitcoin made a pump last night after finding support on the golden pocket level of a fibonacci trend-based extension (.618- .66) and creating a low at the 1.618 of a trend based fib extension *. Due to this pump I think that it is less likely that the bitcoin price will have a spring, therefore, I...

DaanVerbeek Updated 

In my earlier post about Wyckoff I estimated that the total corrective wave would have played out earlier. However it looks like the first wave was extended a lot to the low on the 28th of March. As of now I extended Phase B a little more to make sure the essential waves are in play before we head on to Phase C. Last night we found support on the 0.5 fibonacci...

DaanVerbeek Updated 

As we can see the Wyckoff schematic still holds correctly, after getting rejected on the .618 (the second pink circle) last night we are currently testing the support of the .618 fibonacci retracement of the first wave (may 23rd to may 24th). This in combination with the support that was created by the low on 25th of May. If the support holds we could expect an...

DaanVerbeek

As VeChain has been testing a .618 fibonacci trend extension for the last 1.5 days combined with a support level based on the Wyckoff Accumulation an increase in price can be expected. However there are some major price levels that need to be recaptured, such as the 14.7-15 cents. When this level is broken the optimal scenario would be a backtest of this level...

DaanVerbeek

At this moment the accumulation is at a critical point, in the first post about Wyckoff I assumed that the price was behaving as Schematic #1. However due to the extended fourth wave there is a possibility that it is switching to Schematic #2, this would than result in more of a trading range for the coming days instead of high volatile price action. The retrace...

DaanVerbeek Updated 

As showed in the post of yesterday, Bitcoin created the beginning of a Wyckoff distribution. Bitcoin dipped a little below the second wave target, however, finding support on the 21MA of the 3h chart. Overnight it followed up on the 3rd wave of elliot with a 4hour consolidation around the .618 fibonacci retracement. Waiting for the small pullback to confirm the...

DaanVerbeek

My thought on a possible Wyckoff distribution on Bitcoin. This combination of Wyckoff and Elliotwaves to determine the steps between the difference phases. As you can see the past week has created the perfect beginning of the Wyckoff Distribution. Feel free to share your thoughts about it.