Bitcoin Price Action Explained [Wyckoff and Fundamental]

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Look at price it completes two bullish patterns at same time:
Bullish Divergence and Cup and Handle .

Additionally we have good news:
China will accelerate blockchain development and probably increase investment in blockchain technology and crypto as well. Among with it China is preparing for the launch of its own state-backed cryptocurrency and it will be unveiled next year.
Uber launching own digital wallet and updating its Card services.

Techincally speaking we will probably see price action below the open level of the candlestick with biggest volume occured at October 26.
  • Expected buy the dip levels below 8650, and above 7400.
  • Stop loss those buys will be good if price managed to make new lower low without divergence.

Please share what do you think about current market situation and what is your expectations in comments.
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Yes divergence counts at the end of wave 5: wave b in daily
+2 Reply
ArShevelev Amjadsid
@Amjadsid, if I understand correctly, you are about sub wave 5 of the wave C? โ€” totally agree.
+1 Reply
Nice, I like this pattern very much, but I haven't used it for a while, and when I saw your publication I came up with an idea and threw it on the monthly chart.

If we disregard the highs of Dec/2017 and Jan/2018, and consider only the body of the candles

We have another Cup and Handle pattern forming in the monthly

+1 Reply
ArShevelev nvieira
@nvieira, Could be valid sometimes. Have you seen this pattern success or failed ones on other assets out of crypto?
+1 Reply
nvieira ArShevelev
@ArShevelev, I have seen this pattern work well in Forex.

But I will give you my vision:
Cup And Handle is a Shoulder Head Shoulder without the first shoulder.

In my view the pattern doesn't work because there is a picture, they just make a simple representation of a more technical movement

It is a pattern for a pattern. =)

The retraction Fibonnaci, a continuing upward trend, the target is 100% or 161.8% expansion fibo

The figures only facilitate this more technical reading, because in the background is everything to measure waves.

So if Shoulder Head Shoulder works in cryptos, Cup And Handle confirmed must have the same weight.
+1 Reply
ArShevelev nvieira
@nvieira, Thanks for clarifying, let's see how it will develop. On which levels you focus in local point, let's say until the end of November?
+1 Reply
nvieira ArShevelev
@ArShevelev, We are well aligned at this point.

I am Brazilian, I have a graphical analysis group, and I posted it on Oct. 25, a few hours after he started the second bullish candle, when the price hit $ 10,000, I did a video analysis so people wouldn't get excited because should come a retraction because the $ 10k was a zone of strong resistance

And there is still a downward channel that we are in, it would be good to wait for this daily candle to close !!!

And closed inside the channel, from there I considered the retest of the $ 8800 - $ 8500 (50% and 61.8%) that was the zone that was just broken.

I'm watching and I'll wait to see if it surpasses $ 10,000 to follow a bullish trend, or if it loses the bottom

I had the same view you had, but I didn't see the cup and handle pattern before your post, but I also see a likely triangle at that point

Meet at the top of the canal with the February green LTA (highlighted in orange in the image)

I think more aligned than that impossible =)

+1 Reply
ArShevelev nvieira
@nvieira, This conclusion seems reasonable to me.
+1 Reply
Nice chart, feeling the same. Bitcoin loves testing 0.618 after parabolic moves.
+1 Reply
ArShevelev V0ld3mar
@V0ld3mar, Thats actually good point about 0.618 retracements, it working good on BTC. Thanks
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