-This most recent pattern has been Wyckoff (re)Distribution and is a fractal of the previous big run up and selloff. It's quite visible on a 4 hour chart.
-This week's candle is shaping up to be a spinning top with long wicks, just like the previous Wyckoff Distribution and selloff.
-Stochastic RSI is making me think RSI is going to keep heading toward the oversold region.
-Volume is low and has been declining for quite some time now.
-I also find that Heikin Ashi candle wicks can really help tell the tale, regarding price action reversals.
-We might get a bump up to ~$50K in the very near term, but overall, I'm thinking this will probably play out like last time. Price will likely head down to lower support levels.
-Since I'm reactive (not predictive), however, I'm going to watch and see what happens. This could rocket up, break through current resistance, then take us to a new all-time high (who knows?).
-I'll re-evaluate the situation if price does indeed end up around the ~$38K (or ~$57K) area.
-Pivotal points like these remind me of why TradingView decided to call these things "Ideas" and not "#1 Super Magic Crystal Ball Very Best Guaranteed Predictions."
Good luck, and have fun.
Note: Don't trade based on my ideas. They're worth exactly what you paid for them. I'm fairly new to this, and my charts are for my own entertainment, education, and record keeping.
-This week's candle is shaping up to be a spinning top with long wicks, just like the previous Wyckoff Distribution and selloff.
-Stochastic RSI is making me think RSI is going to keep heading toward the oversold region.
-Volume is low and has been declining for quite some time now.
-I also find that Heikin Ashi candle wicks can really help tell the tale, regarding price action reversals.
-We might get a bump up to ~$50K in the very near term, but overall, I'm thinking this will probably play out like last time. Price will likely head down to lower support levels.
-Since I'm reactive (not predictive), however, I'm going to watch and see what happens. This could rocket up, break through current resistance, then take us to a new all-time high (who knows?).
-I'll re-evaluate the situation if price does indeed end up around the ~$38K (or ~$57K) area.
-Pivotal points like these remind me of why TradingView decided to call these things "Ideas" and not "#1 Super Magic Crystal Ball Very Best Guaranteed Predictions."
Good luck, and have fun.
Note: Don't trade based on my ideas. They're worth exactly what you paid for them. I'm fairly new to this, and my charts are for my own entertainment, education, and record keeping.
Comment:
There's some RSI and RVGI divergence showing up on the 1 day chart for GBTC, which sometimes indicates where BTCUSD is headed (because smart money).