History seemed to rhyme in this distribution. My *guess* is that Chinese entities were shedding Bitcoin during runs up, and the process of selling and absorption in other parts of the world created a similar looking pattern through both trips from 30-60-30. So the combined set of moves I would consider to be distributive and accumulative. Not sure exactly when or...
It seems like there is quite a bit of liquidation of shorts around 333-34K at the moment. It seems like the easiest liquidity to hunt resides here, before determining the next move of the market.
2 factors analyzed:
1. Bitmex funding has nearly zero'd out. This means there is a closer balance between short and long positions (market was very leveraged long,...
Here I am looking at bitcoin price against hash rate futures (Q1 2021 in this case on FTX). There is a smooth trend moving up and to the right, indicating price is lifting off from hash rate (which is unable to keep up with demand for product).
Major factors I see here are:
1. Price moved out of accumulation faster than miners could respond/get machines...
Tezos is at a point of interest here. If it can hang on the 0.00025 area among BTC turbulence, I see a move along the trend line. Invalidation is a daily close below the trend line, at which point I unload the trade.
Looking again at these lower levels, it appears there is some similarity to the Wyckoff accumulation schematic. Last time I thought I knew what I was talking about on this, I was very wrong and $XBTUSD dropped well below $5K. So it'll be interesting to see if this pattern plays out. Does look like there is weakening sell pressure from the $4K level, which may...
I am following stockcharts.com for this consideration. I think we are in a spring phase, since we've moved to yearly lows. I suspect this spring should hit its low around $4800 to $5200, and I think we'd be hard pressed to go much below that. We may bounce around for a few tests of supply, and we may even see a lower spring. A reversal to the mid-to-upper $6K...
Not sure this is correct, but trying to learn and get a better understanding of how Wyckoff played out back in 2014-2015. I think something similar may be happening now, and I want to check my charting knowledge.
