Here's the monthly chart for a broader (and cleaner) view of the current price action.
Current pull back carries a lot of similarities with the hard fork crash back in November 2018. Both events were the biggest attacks on Bitcoin network and on both occurences the hashrate has dropped significantly overnight.
Once the decentralized network proved to be rock solid and indestructable, investors didn't wait long before going back in this opportunity, following a 5 month rally.
Many didn't think crossing 42k is the show of strength we have been waiting for and still waiting for 20's. I would call it greed after seeing the clear breakout from the downtrend. You have to react price action as it evolves and this wasn't a regular bull trap situation.
A bull trap doesn't take $13k to play, from 29.292 all the way to 42.404 in just 10 consecutive days. This is called nothing but a major sign of strength in terms of Wyckoff analysis and it is the signal that confirms accumulation throughout the trading range. Current correction marks the last point of support, presenting a big opportunity to enter a long position.
I believe Elon Musk's commitment on not selling Bitcoin on B world event and the confirmation from Tesla's earning report, ignited this rally and with the hard fork event occuring tomorrow in Ethereum will ignite the rest of it.
For me, the question was always accumulation vs distribution and the answer is crystal clear right now. This is why buying at 41k or 37k really doesn't make any difference to me since the destination is set. It's not the time to be greedy.
I've also updated the p&f chart assuming 37k as the dip of LPS. If it goes lower to for example 35k, just deduct 2k from lower targets in red and you should be ok.
This will be my last post on TradingView and i won't share any updates until next time to sell, probably sometime in November, because i don't want to comment on short term zig-zags. I'm a long term trend follower and i just found my trend, hope you find yours too.
Take care and good bye.
Current pull back carries a lot of similarities with the hard fork crash back in November 2018. Both events were the biggest attacks on Bitcoin network and on both occurences the hashrate has dropped significantly overnight.
Once the decentralized network proved to be rock solid and indestructable, investors didn't wait long before going back in this opportunity, following a 5 month rally.
Many didn't think crossing 42k is the show of strength we have been waiting for and still waiting for 20's. I would call it greed after seeing the clear breakout from the downtrend. You have to react price action as it evolves and this wasn't a regular bull trap situation.
A bull trap doesn't take $13k to play, from 29.292 all the way to 42.404 in just 10 consecutive days. This is called nothing but a major sign of strength in terms of Wyckoff analysis and it is the signal that confirms accumulation throughout the trading range. Current correction marks the last point of support, presenting a big opportunity to enter a long position.
I believe Elon Musk's commitment on not selling Bitcoin on B world event and the confirmation from Tesla's earning report, ignited this rally and with the hard fork event occuring tomorrow in Ethereum will ignite the rest of it.
For me, the question was always accumulation vs distribution and the answer is crystal clear right now. This is why buying at 41k or 37k really doesn't make any difference to me since the destination is set. It's not the time to be greedy.
I've also updated the p&f chart assuming 37k as the dip of LPS. If it goes lower to for example 35k, just deduct 2k from lower targets in red and you should be ok.
This will be my last post on TradingView and i won't share any updates until next time to sell, probably sometime in November, because i don't want to comment on short term zig-zags. I'm a long term trend follower and i just found my trend, hope you find yours too.
Take care and good bye.
