Bitcoin Following Textbook Wyckoff Logic? Short

Bitcoin / United States DollarCoinbase

Description

⋅ Sep 8, 2019 3:04 AM

Bitcoin appears to be following textook Wyckoff logic.

If price continues to move as expected we should see a drop to the golden ratio ~ $9939 within the next 24-48 hours.

I would have liked to seen price come up to test the resistance from the underside but price/volume is struggling to get there.

As it stands I was already short but I may miss adding to my position if price does not test 10649.

If we suddenly break past 10.9k this entire idea is invalid.

Comment

⋅ Sep 8, 2019 4:38 AM

Added to my short at $10,571. We appear to now be in a wyckoff event on the 5 minute chart while in the LPSY phase of the larger Wyckoff event.

Comment

⋅ Sep 8, 2019 1:18 PM

Took profits on a portion of my trade at $10,343.

Comment

⋅ Sep 9, 2019 8:05 AM

Took profits on another portion of my trade at $10124.

Still holding 60% of the position.

Comment

⋅ Sep 10, 2019 8:59 PM

Closed trade at $9,940.

Trade closed: target reached

⋅ Sep 10, 2019 9:00 PM

Comments

stasyszy

⋅ Sep 9, 2019 1:48 AM

Wyckoff pattern sure, One key thing missing from the analysis... the volume. The volume is what makes wyckoff valid, and is the most important part of the strategy

coinzada

⋅ Sep 9, 2019 1:53 AM

@stasyszy, The volume is there, just hid it to keep the chart clean.