Lucid_Liquidity

Bitcoin 4 hour is breaking out of the symmetrical triangle.

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Comments

This is why you should be shorting this right now...... Remember: every trend line break will result in a retrace. I’m expecting 50k-51k to be in play FIRST to test price before we see the actual breakout above.
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@Zulu_Kilo, Interesting take but I feel we've already went through that whole process. Give the price action has been consolidating here for the week and the longer we sit here the more likely a break out to the upside around 66k as long as BTC can close above 60k. Then once the price cannot close above 67k I would look for the pull back to 59k like you were saying but now now. But these patterns break out anyway they want to. Plus I never short an vehicle in a bull market let alone a super bull cycle.
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Zulu_Kilo Lucid_Liquidity
@Lucid_Liquidity, those patterns don't necessarily "break out any way they want to"... You have to spot the Wyckoff schematics on these to be able to see why I am calling for a false-breakdown and then price heading back up. So far I've spotted two separate Wyckoff Distribution models playing out, they tend to feed off of each other.

I recently picked up on the distribution set up (in the white box) and have generalized the movement price should make based on the Wyckoff model for it. If you're not familiar with Wyckoff distribution and accumulation, it is a GAME CHANGER for your TA.

Here is how I'm seeing things:

+2 Reply
@Zulu_Kilo, So what I mean by that is price patterns are supposed to go a certain way but based on fear and greed they will and can go the opposite if fear and or greed intensifies. I've seen patterns fail all the time based off of some irrational reasons.I usually do not give wyckoff schematics and real weight unless at least the 12 hour time frame preferably the daily.
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@Zulu_Kilo went down to the 1 minute and watched around the 59,300 to 59,5000 level and the fierceness from sellers is pretty bad. you just might be right man.
+1 Reply
Zulu_Kilo Lucid_Liquidity
@Lucid_Liquidity, I've been wrong plenty of times before. But I can tell you from personal experience that Wyckoff models to work on lower timeframes than just 12hrs too.

Look at my GME ideas, those have been going pretty spot on and I'm literally using 15 min candles to do them.

Hoping you're seeing the bearishness I've been predicting playing out now.
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when in doubt zoom out. the higher the time frame the more accurate the price structure is. this is not a redistribution schematic on the daily time frame. this is a reaccumulation pattern until the next swing low is taken out. however, for now there still continues to be higher highs and higher lows and that remains bullish to me. I do agree when I look at the 1, 5, 15, and 30 min and even the hourly I see bearish sentiment. but again when in doubt zoom out to the daily and I'm bullish AF.
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Zulu_Kilo Lucid_Liquidity
@Lucid_Liquidity, this isn’t going to be bullish till we go below 53400 (last swing low). And then yes, fully bullish sentiment for me again.
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@Zulu_Kilo, macro is bullish unless we close below 38k. however, if we close a daily below 55600 then that will establish and new and first lower low and the next leg down is is to 53400. i would still be bullish if that breaks and i do not become concerned bearish until we close a daily below 45230. but overall btc could go to 38 k and im still bullish, below that i get worried
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@Zulu_Kilo alright nostradaumus or however you spell his name what you got next? what does the future hold next for btc?
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