Hi Everyone! Hope all is well with you all. I'm doing fine. Simply wanted to point out our likely Target may be my Orange 0.5 Diagonal Trend Line. It's hard to say (at the moment) which Weekly Candle we potentially hit my Orange 0.5 Diagonal Trend Line. If we manage to hit it on the Weekly Candle beginning December 14, 2020, our high on that candle at the Diagonal Trend Line would be just shy of $21,000. It's possible we could hit the Orange Diagonal Trend Line sooner fairly close to the All Time High during the Weekly Candle beginning December 7, 2020. We will know more as we get closer and see what the indicators look like. I do expect each Weekly Candle from here may have a more pronounced Up-Thrust than its predecessor. We'll see how it plays out... I'll include a screenshot of the cover chart below because TradingView's platform may likely scrunch up my cover chart. Don't forget; you can click on the plus (+) symbol at the bottom center of the cover chart a couple of times and drag the chart around however you like. You can also expand the cover chart more by clicking on the price bar to the right and dragging it up to expand.
NOTE: The MAIN reason I have Bollinger Bands on this chart is to point out WHERE our price action may pull back to once our major consolidation event begins. We may see one or two BRIEF pullbacks on the way up to our peak before a major pullback begins.
This publication is labeled a LONG position based on a Mid to Long Term analysis. I do not recommend using this publication as a means of opening a long position without looking at the indicators in lower time frames to make that determination. Of course, your risk is higher if you did not open a long position much sooner from 9.5k to 10.5k.
Happy Trading and Stay Awesome!
David
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Forgot to include the screenshot:
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Here's a "Pulled Back View" of my FIB STUDY:
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Added a few more text bubbles:
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Simply adding my video publication to this chart publication:
"BTCUSD: $20,900 to $21,260 May Be Target Before Major Pullback."
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We are currently working on our "Sign of Strength" in Phase D of a COMPLEX Wyckoff Accumulation Schematic. This particular large Accumulation Schematic is considered more "complex" than the norm because of the two LEVELS of the schematic (Higher Level mainly for accumulation and the lower level for liquidation of margin positions).
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12h and 24h time frames:
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We can expect a BRIEF "shakeout" period to occur potentially this weekend or Monday. It's POSSIBLE it may not occur until Wednesday (next week). It depends on how soon the White Energy hits level 50 in the 4-Day time frame.
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A more detailed look at the 3-Day Time Frame:
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A look at my Secondary and PRIMARY 1.618 FIB Extension Price Ranges using my 0.618 to 0.0 coordinate method in the 3-Day time frame:
I have to say I like these targets. 20K by mid December and then we just have to wait a couple of months to know whether we're heading to 150K or 300K. Based on latest momentum, that looks realistic. That's awesome. Cheers! P.S.: Just out of interest, in case this market gets that crazy, what's your trading plan? I mean, do you think it's possible to try and short tops to buy pullbacks in such environment?
Yes, I believe my "projections" are "realistic." ; )
As for a "trading plan," that will be discussed as the price action plays out during Phase E of our Wyckoff Accumulation Schematic. Will be saved for another platform...
Stay Awesome!
David
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@idz, 150k and 300k, man I really hope that's true! Only time will tell, but for sure all of us are in early. Even when you trade as a swing or day trader, I would suggest to keep a small bag on the side just to be ready for when it does go to such levels.
And WyckoffMode, I love the charts. I always have to sit down for it to truly understand what's happening, but I have great insights every time I do so.
I looked at the 1h too myself, and found some very interesting horizontal levels. I am going in for some short trades on shorter time frames now, curious to hear your thoughts:
UnknownUnicorn100937
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@Trading-Guru, Hi, Trading-Guru. So, I am rather focused on longer time horizons. As of now, I think we need some time to evaluate the situation, whether it's a consolidation to continue upwards or otherwise for a pullback. I am leaning towards a pullback as well and we have evaluate further on whether the levels you outlined can hold or if instead we could further down to 12500 or even 10000 area (less likely, yet probable depending on fundamental factors at play). Yet, I could be completely wrong as well. Let's contemplate and meditate. :)
CeCeBreslin
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How do I get the white energy on my chart? What indicator is it technically? Thank you
Sorry, I'm still learning here - question: So, you expect there to be a drop somewhat between this weekend and Wednesday?
Also, think the announcement of the elections will have any impact?
And again, sorry, I'm still pretty new to this and I'm learning, so thanks for the great material, it's super helpful!