I personally believe we are in the process of a long term short squeeze that's similar in price movement to what we saw in October, November and December of 2012 and July, August, September of 2013. If you insist on getting lulled into a short position, be sure to have a TIGHT STOP. Also be prepared to take quick profits without getting too greedy because I do not see significant deep drops yet. I'll follow up with another video update near the end of October.
Another reason I believe we still have CAUSE for this to go up is for the AFFECT on the price of ETHBTC, LTCBTC, ADABTC, etc... They want ALT/BTC pairs to be "AFFECTED" by pushing their BTC value down a bit more to accumulate more Bitcoin. This is my opinion of course.
We are slowly working our way into the transition to Phase E once this Back-Up/Last Point of Support (BU/LPS) is completed. We know the transition has officially begun once we see a "Sign of Strength" (SOS) above $13,880 on BitStamp. However, this may not occur until the second week of January, 2020.
Thanks for taking time to watch the video. I certainly appreciate your support!
Stay Awesome!
David
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We are slowly working our way into the transition to Phase E once this Back-Up/Last Point of Support (BU/LPS) is completed. We know the transition has officially begun once we see a "Sign of Strength" (SOS) above $13,880 on BitStamp. However, this may not occur until the second week of January, 2020.
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Posting a chart to see the FIB's a bit more clearly with another comment.
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Potential future price movement...
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Here's a look at the 3-Day TF to show what trading range we likely stay within until the second week of January, 2020.
Expecting the Green Daily 50-MA to act as support.
Shorting wasn't possible in 2013, there was no bitfinex or Futures trading.
WyckoffMode
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@TelecomTycoon,
Correct... I'm very aware of that. I was also considering that as well while looking at the indicators. I'm just not seeing a deep drop here as many are anticipating...
Thanks for your time watching; for commenting and Stay Awesome!
David
Popovich
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Thank you for your insight. I would have thought we should wait it out when the white energy from 1-7 days are all overbought. I tried your method myself and came to a certain level of realization myself that the white energy can last a long time. Especially now that we have the first "change of character" (hope I am using these terms correctly) in the form of a $3000 straight line pump since the correction from $13900, the bullish sentiment of the market has resumed. Once this episode of correction is done, it could pump past this region in a blink of an eye.
Though I have a feeling it's not going to be a straight up bullish continuation from this triangle we are forming here. That would be too easy.
There are several more rules with the White Energy I have not shared on TradingView. I will emphasize ALL RULES for premium members on my website when it goes LIVE.
I'm not expecting it to be OBVIOUS we are in a BULL market to everyone until the second or third week of January, 2020.
Popovich
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@WyckoffMode, Thank you, I do intend to subscribe at least a month for me to find out more about the tools at your disposal. I am looking forward to its launching.
Look forward to seeing you there. However, I'll give you the heads up in regard to using the indicators, FIB's, Wyckoff Method, etc...
Everything in the crypto market and other markets plays out in cycles. Wyckoff Method helps us identify the cycle(s) and where we are within those cycles.
Certain time frames help us determine when a particular event within a particular phase of a Wyckoff Schematic is about to occur or has likely already occurred.
It's easy to look back to see WHEN was a good time to sell or buy in a certain time frame with the indicators. However, it's totally different experience to go through it AS THE PRICE ACTION PLAYS OUT.
I also use other tools to determine what price range will likely be the target for the top or bottom of a trend in a mid to high time frame; and use the indicators to see WHEN we need to use those tools to get an idea of the top or bottom. Especially, the top of a bull trend...
I haven't even touched upon using the indicators in lower time frames for scalping...
Also, one can become a good technical analyst but be a terrible trader. Trading involves proper money management and use of tools to protect capital. We have to make sure the market conditions are ripe for scalping a particular trading pair.
Bottom Line: I can tell you in videos and in text with charts how to do many things on the website. However, it's better LEARNED with "On The Job Training;" so to speak. Meaning, you're LEARNING while DOING it with LIVE price action. There are many variables that can arise when LIVE trading compared to looking back in the past. Trying to determine the future price action is more challenging than when evaluating price action that played out in the past.
I'm expecting many to sign up for a month to three months then end up coming back to sign up again when the market condition(s) have changed because they are unsure of the future. And that's perfectly fine... ; )
A complete crypto cycle can take 3 to 4 years to play out. Sometimes longer... Many will begin to get a good grasp of Wyckoff Method used in conjunction with the indicators over the course of approximately 6 to 18 months. However, there are many other things in regards to using FIB's, money management, risk management, using tools to manage risk, etc... that can take longer to learn due to the various market conditions that can arise during a complete 3 to 4 year cycle. Which means I'm anticipating many to sign up then drop their subscription several times over the course of a 3 to 4 year period.
Much of my training for premium members will include LIVE STREAMING using Vimeo in conjunction with Discord. For example: There will be many times I "LIVE" Stream while scalping in very low time frames for the purpose of SHOWING the best way to do it with the indicators and other tools to control risk management. Scalping cannot be taught well by text and charts. It's best taught with videos on LIVE price action.
There will come a time when my premium subscribers with full time jobs decide to leave their full time job to day trade full time because they have built up a decent nest egg to provide them the opportunity to quit their full time job to day trade. This is where my premium subscription will prove more valuable with LIVE STREAMING on Vimeo in conjunction with Discord. They will be able to ask me questions on Discord WHILE seeing my explanation to answer their question LIVE on Vimeo.
I prefer to use Discord and Vimeo for more privacy. I will try out allowing PREMIUM members to talk to me audibly on Discord during LIVE Streaming. However, I'm not sure yet how that will work out because we cannot have everyone talking at one time. Everyone will need to be patient and wait their turn with questions. Many will find their question was asked by someone else before their turn to ask a question rolls around.
The LIVE Stream sessions will last anywhere from two hours to eight hours. They will be recorded and posted for those premium members who were not able to be present at the time it was actually LIVE.
Popovich
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@WyckoffMode, Thank you for giving us info that a lot of us followers might want to know. I myself am a small-time retailer with a tight budget. I will find out what suits me best.
I am really grateful to have come across you on TV and bitcoin in this particular time in human history. I try to stay cautious and humble while I learn the rope.