Jokes aside. Bitcoin has shown us its strength and resilience once again by rallying price off this year’s all time low of $5,755 far beyond our expectations in a very short amount of time. The panic selloff by weak hands that flooded the bear market yesterday was quickly absorbed by buyers which thrusts price back into the “Third Time Lucky” triangle just as I had predicted in the last update to my previous charts. This mimics the quick spikes that we often see in the beginnings of a newly formed bull market.
That’s right! The “bull” is back in town and we are going to the MOO…N!
Well, not quite.
Looking at the technicals in the , we can see that and have bounced off the “oversold” region. They appear to be recharged with plenty of room to move higher. , on the other hand, still hovers below zeroline which means the market can still go in either direction so for the time being we should stay somewhat cautious despite our inclinations.
Having said that, if yesterday’s new low of $5,755 is indeed Wyckoff’s Spring, then the first new impulse wave to the upside should look similar to what I have charted. A break above the nearest resistance at $6,800 should add more weight to this idea.
Remember, the trend may be your friend but the whales are opportunists and more often than not they move against the salient sentiments on TradingView. The trend going against Poop’s idea was a good example. That or maybe the market just hates Poop.
Happy trading, my friends!
I would be cautious and wise to pull out of this market at this level for the time being and re-enter at lower levels. That's all for today. Happy trading everyone!
< Comparison Between CBOE:blue and CME:red > * UTC+9
18.01.18. 07:00 / CBOE: 11100$ / SHORT
18.01.27. 01:00 / CME: 11000$ / SHORT
18.02.15. 07:00 / CBOE: 9300$ / LONG
18.02.24. 01:00 / CME: 10200$ / LONG
18.03.15. 07:00 / CBOE: 8100$ / SHORT
18.03.31. 01:00 / CME: 6700$ / SHORT
18.04.19. 07:00 / CBOE: 8200$ / LONG
18.04.28. 01:00 / CME: 9300$ / LONG
18.05.17. 07:00 / CBOE: 8300$ / SHORT
18.05.26. 01:00 / CME: 7500$ / SHORT
18.06.14. 07:00 / CBOE: 6300$ / SHORT
18.06.30. 01:00 / CME: ???) / ???
Until now, the closing price of the CME expiration date was lower than that of CBOE in the bear market, and the closing price of the CME expiration date was higher than that of CBOE in the bull market. Assuming this pattern is maintained, June is the continuation of the downside, CBOE lowered the low point on the 14th, and CME on the 30th is expected to lower the bottom. As CME futures expiration date (1 am on June 30) is approaching, we should open up possibility that price will be pushed once more.