Hey guys, I've seen a similar Wyckoff sketch for
BTCUSD
on twitter recently and I thought I'd draw it out for myself(while adding what I suspect to be yet another Bull-Trap to end it) and try and get some feedback from people who are more familiar with this pattern than myself.
I've been buying in the low 6000s all week so I certainly want to know if there are holes in this theory since it's one of just a few reasons I find myself a buyer this week (maybe I'll go into the other reasons later or on another Post).
The Biggest question for me is has the "spring" happened yet? I lean towards it already having happened (was a very quick panic dump once the "triple bottom" (higher highs) was violated in the $6,400 region.
if YES....Then Bitcoin should continue a slow bounce to 7k-7300 region and then be thrown back towards the 6500-6600$ region which will support another rally passed 7500$.
If NO.....Bitcoin will continue this weak rally and be thrown back by $6,900 towards 6K. HERE is where a logical spring to really match the Wyckoff pattern could take place.
Any sort of pierce below 6k should send panic / trigger stops. BUT...right under 6k is the prior mammoth support that held price up during the "BCASH is the real Bitcoin" slide back in Fall of 2017 (Thanks Senor Ver ;] ). A big wick and close back above 6k is likely I think.
I'll keep this post updated as we reach certain levels but off the top of my head some safer ways to place this include:
1) once $7,300 is decisively broken...ride it LONG to $8,500 (should be nothing in between those levels).
2) once $8,500 is decisively broken...all aboard and enjoy the swift, rocky ride to $16kish BTC.
3) on the short side...build a short anywhere from $6,900-$7,300 as there will most definitely be some amount of throwback regardless of the scenarios (tons of doubt and complacency in this market as people wait around to "Buy The Dip".
Check out our other Blog Posts and tools related to TD Sequential @
www.tradethe9s.com
BTCUSD
on twitter recently and I thought I'd draw it out for myself(while adding what I suspect to be yet another Bull-Trap to end it) and try and get some feedback from people who are more familiar with this pattern than myself. I've been buying in the low 6000s all week so I certainly want to know if there are holes in this theory since it's one of just a few reasons I find myself a buyer this week (maybe I'll go into the other reasons later or on another Post).
The Biggest question for me is has the "spring" happened yet? I lean towards it already having happened (was a very quick panic dump once the "triple bottom" (higher highs) was violated in the $6,400 region.
if YES....Then Bitcoin should continue a slow bounce to 7k-7300 region and then be thrown back towards the 6500-6600$ region which will support another rally passed 7500$.
If NO.....Bitcoin will continue this weak rally and be thrown back by $6,900 towards 6K. HERE is where a logical spring to really match the Wyckoff pattern could take place.
Any sort of pierce below 6k should send panic / trigger stops. BUT...right under 6k is the prior mammoth support that held price up during the "BCASH is the real Bitcoin" slide back in Fall of 2017 (Thanks Senor Ver ;] ). A big wick and close back above 6k is likely I think.
I'll keep this post updated as we reach certain levels but off the top of my head some safer ways to place this include:
1) once $7,300 is decisively broken...ride it LONG to $8,500 (should be nothing in between those levels).
2) once $8,500 is decisively broken...all aboard and enjoy the swift, rocky ride to $16kish BTC.
3) on the short side...build a short anywhere from $6,900-$7,300 as there will most definitely be some amount of throwback regardless of the scenarios (tons of doubt and complacency in this market as people wait around to "Buy The Dip".
Check out our other Blog Posts and tools related to TD Sequential @
www.tradethe9s.com
Comment:
still looking for that $6,900 test.
Comment:
Daily on a very bearish color flip after not even making it to my $6,900 level.
BUT...the 4h timeframe (which has been good at picking lows since the fall from 10k) completed another TD Buy SetUp above the key 6k support again and this time with some great RSI divergence.
Will it hold? Longer time frames bearish, mainstream news outlets telling everyone their bottom prices, rumors spreading...DATS when we buy right?
BUT...the 4h timeframe (which has been good at picking lows since the fall from 10k) completed another TD Buy SetUp above the key 6k support again and this time with some great RSI divergence.
Will it hold? Longer time frames bearish, mainstream news outlets telling everyone their bottom prices, rumors spreading...DATS when we buy right?
Comment:
Went a little lower than the 4h 9 but we're back above $6,000 for now..Monday/Tuesday will be key.
Trade active:
Big Bounce back above 6300 @ Monthly Futures Expiration....too early to tell if this is the "spring". Hopefully see some continued momentum into at least $6,900.