WyckoffMode

BTC: High Probability of 60600 and Can go Down to 51800

WyckoffMode Updated   
BITSTAMP:BTCUSD   Bitcoin
Hi Everyone! We currently still have Bearish Divergence in the 2-Week time frame with Red Line currently at Magenta Upper Level 60 Within Phoenix Ascending. The current price of the Magenta Upper B-Band within Bad Ass B-Bands is $60,600. So, we have a high probability of continuing down to proximity of $60,600 over the next 6-Days and 22-hours remaining in the 2-Week time frame from this writing.

Here is the 2-Week time frame:

Here is a MACRO View using the 5-Week time frame: I have placed Vertical Time Lines along with Trend Lines and text bubbles to point out how we identify Bullish Divergence and Bearish Divergence.

2023 to 2025 MACRO Accumulation Schematic:

I will not begin to use the chart below on a regular basis until we see a 3-Day candle CLOSE "above" $73,000:

Comment:
UPDATE:

BTC 2-Week TF with text bubbles:

YELLOW TEXT BUBBLE:
Tops of White Energy are trending downward WHILE Price is FLAT or RISING;
indicating high potential for Bearish Divergence approaching.

MAGENTA TEXT BUBBLE:
Red Line already at Magenta Upper Level within Phoenix Ascending;
indicating high probability for price to continue down to Magenta
Upper B-Band at $60,577 currently.

Yes, we can continue falling further to the Yellow B-Band Basis at
$51,786 currently in this 2-Week time frame.
Comment:
UPDATE:

For many months WHALES have accumulated Bitcoin on the Alt-Coin/BTC pairs by slowly stair stepping down the price of Alt-Coin/BTC pairs. WHALES cannot accumulate a sufficient amount of Bitcoin on the BTCUSD and/or BTCUSDT pairs. They (Whales) must utilize the Alt-Coin/BTC pairs to accumulate Bitcoin. Well, that Phase utilizing Alt-Coin/BTC pairs to accumulate Bitcoin is coming to a close.

Now, WHALES are selling quite a bit of Bitcoin they accumulated over these many months. They are selling their Bitcoin for USD and USDT. Why? To accumulate enough USD and USDT to eventually begin pumping Alt-Coin/USD and Alt-Coin/USDT pairs. But for now, < in regard to Alt-Coin/USD pairs > they are slowly accumulating more Alt-Coins on the Alt-Coin/USD pairs and Alt-Coin/BTC pairs before they begin to eventually pump Alt-Coin/USD pairs along with Alt-Coin/BTC pairs.

This means we will slowly begin to see Bitcoin Dominance decrease due to Whales selling their Bitcoin for USD to buy Alt-Coins; as well as using a significant amount of their Bitcoin to buy Alt-Coins on the Alt-Coin/BTC pairs.
Comment:
UPDATE:

Added a White Text Bubble along with two (2) White Circles to this 2-Week TF chart below:

WHITE TEXT BUBBLE:
You will see two (2) WHITE CIRCLES on the cnadles in this 2-Week TF.
The reason I'm pointing this out with the white circles is to point out
how the Magenta UPPER B-Band held support during a similar period
of time to present day. Will we see the Magenta UPPER B-Band in the
2-Week TF "hold support" during present day? We will see...

Important to note the B-Bands were expanding during historical period
of the white circles. B-Bands PRESENT DAY are "contracting" instead of
expanding.
Comment:
UPDATE:

Energy indicator built within Phoenix Ascending indicating POTENTIAL for a pullback on or around September 11, 2024. Could we see major black swan event occur on September 11th; resulting in a major correction in the stock market exchanges as well as crypto currency exchanges? Certainly possible... If the black swan ends up being a hack of the financial system; as well as a hack of exchanges, it may take a while for liquidity to come back into the markets to see a significant recovery in the crypto market again.

I would think if we are to see a black swan on September 11, 2024, we would likely see people front running that date to begin selling before that day gets here.

Here is the 12-Week TF:
Comment:
UPDATE:

BTC: I plan to provide an update for Bitcoin/USD some time this evening. We need to look at indicators in MULTIPLE time frames to determine if we are in RE-Accumulation or RE-Distribution. May require more time for better idea as well.

12-hour: