no.Body
Long

R. WYCKOFF TRADING METHOD ON BTCUSD

BITSTAMP:BTCUSD   Bitcoin / Dollar
Successful tape reading is a study of Force; it requires ability to judge which side has the greatest pulling power and one must have the courage to go with that side.

Richard Wyckoff
Someone tipped this off to me a few weeks and a few months ago, I saw the same things as well. See my post about it here on reddit:
https://www.reddit.com/r/BitcoinMarkets/comments/3rwem3/i_believe_that_was_a_tremor_mirroring_a_similar/cws4rry

I think the pattern has resolved unless you expect continued price markup.
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no.Body lowstrife
a year ago
I think that orange line on your chat is markup inside trading range. Next to expect would be markup outside of trading range.
Ideally 300 should hold. Time will tell. If Im wrong and this is distribution price can come back to the low at the end of August.

Check out this short video: https://www.youtube.com/watch?v=UN6ioChNsIY#t=2m03s
Reply
lowstrife MOD no.Body
a year ago
Well that's interesting, the trading range IMO is the 200-315 range we spent the year end, and I had anticipated the run to $400 as an exit for the trading range. However... we blew up to $500 and that almost seems like it accelerated too fast. If we were indeed still in the markup phase this would be the 1st leg up of 2 or 3... Crazy stuff.

I do think $300 will hold. We attempted to break it 4 times in 2015 and it was very established resistance, now turned support. The corresponding level in china is even stronger:
snapshot


I 100% agree the "spring" or failed selloff was that August 24 dump to $192... Then it started moving.
Reply
no.Body lowstrife
a year ago
Guy who I was learning from always calls it markup inside trading range even if price goes way above it. Maybe because it starts at the bottom of the trading range and next markup should start outside of it?

Besides, It's my first Wyckoff attempt. Don't expect me to know everything :)


"Don't expect the market to behave exactly the same way twice. The market is an artist..." R.W.
+1 Reply
Beautiful chart.
+2 Reply
no.Body Nathan_the_Wise
a year ago
Thank you.
Reply
CRYPTOBANGer PRO
10 months ago
BaNGBaNG .. Da BomB BuD..!
+1 Reply
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