ProwdClown

Chance for Upward Pressure to Resume - 2 Possible Scenarios:

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The other publication was getting too long. It's time for a new one.

Posting the BTCUSD             Daily (1440m) chart below because I know Trading View's platform will scrunch up everything on the cover chart:



I'm going to leave this publication "Neutral" for now because future price moment depends on what occurs with the indicators and the price action over the next 24 to 96 hours to dictate the general direction we're going over the next two to three weeks following.

The Phoenix ARI             in the Daily still has more room for downside pressure to 0.0% level. Which see:



2-Day TF:



4-Day TF:



It's still currently looking like we have more indication of downside pressure to be prolonged instead of upward pressure. However, at times like this when we have the potential for a change in trend from bear to bull after 7 months of bear trend it can be tricky to determine when reversal in trend has set in.

I still find it hard to believe Composite Groups (whales) will allow us to go below $5,774.72 on Bitstamp . Mainly because I find it hard to believe they will allow those who lost capital from bad trades the opportunity to get back what they lost with a low entry. I'm still leaning more towards a Wyckoff Accumulation Schematic #2 rather than Accumulation #1. A Wyckoff Accumulation Schematic #1 is still possible. However, if it's going to come to pass, we need a price pump up to $12,500 at a minimum to show "Sign of Strength" before reversing back down on a "BU/LPS" to around $8k. I have a hard time seeing that taking place at this point but it's still possible. I'm leaning more towards the ODDS of Accumulation Schematic #2.

LET US SEE HOW HIGH THIS NEXT MOVE UP IS GOING TO BE TO HELP US DRAW A BETTER CONCLUSION OF WHERE WE GO FROM HERE.

The following link is an image to provide an example of one type of Wyckoff Accumulation Schematic #1: https://i.imgur.com/gcrmXTd.png

The following link is an image to provide an example of one type of Wyckoff Accumulation Schematic #2 https://i.imgur.com/54FyNdB.png

Below, are two links with further information on the EVENTS TO OCCUR WITHIN SCHEMATICS. Both were put together well in a short synopsis of Wyckoff Schematics:

http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method

http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:wyckoff_market_analy

FREE Books by Wyckoff can be found here. However, make sure to scroll down till you see the name, Richard Wyckoff. MANY other books on trading can be found here as well. Excellent source of trading material FREE online: http://www.traders-software.com/Trading%20Books/
Comment: 12h (720m) TF:

Comment: 360m TF:



Daily (1440m TF):



2-Day TF:

Comment: When I first posted this publication, it looked like there was a "chance" for a brief upward spike before continuing downward. It currently does not look like that is the case now. At least not up to the price level I had the red line with arrows drawn when first posting this publication.
Comment: BTCUSD 2-Day TF:
The Red arrows Provide example for Wyckoff Accumulation Schematic #1.
The Black arrows Provide example for Wyckoff Accumulation Schematic #2a.
The Blue arrows Provide example for Wyckoff Accumulation Schematic #2b.

We sill need a bit more time to determine which one it may be from lower TF's (1440m, 720m and 360m).

Comment: I recently had the following question. I thought I should share it with others who have the same thoughts:

"I would like to ask a question about the wyckoff bitcoin schematic (1) we are in. But first I would like to thank you for your extensive analyses and updates. I saw another analysis where someone said the "test" is yet to come. When I asked why he thought the "test" is yet to come and didn't already happen, I didn't get a straight answer. Can you explain to me why we already must have had the "test" ? Thanks in advance. Have a nice day!"

My Response:

I'll provide two example charts on my BTCUSD chart within the next 2 to 4 hours.
One for the 2-Day and one for the 7-Day TF
If one looks at the 2-Day TF, we could conclude the Test AFTER the Spring has already occurred.
IF one looks at the 7-Day TF, we could conclude we are currently working on the Test AFTER the Spring.
That's providing we are in a Wyckoff Accumulation Schematic #1.
We COULD be in a Wyckoff Accumulation Schematic #2.

We need to see what plays out the remainder of August to determine if we are in Accumulations Schematic #1 or #2.

The following link is an image to provide an example of one type of Wyckoff Accumulation Schematic #1: https://i.imgur.com/gcrmXTd.png

The following link is an image to provide an example of one type of Wyckoff Accumulation Schematic #2 https://i.imgur.com/54FyNdB.png
Comment: More clarification on the 2-Day chart response. Let me word it this way:

If one looks at the 2-Day TF, we could conclude the Test AFTER the Spring has already occurred AND we are currently working on a Last Point of Support (Testing Support) before continuing upside. This assumes we are in Wyckoff Accumulation Schematic #1. However, we could be in an Accumulation Schematic #2.
Comment: Just got back from the Post Office...

Here's a look at an "example" of Wyckoff Accumulation Schematic #1 again: https://i.imgur.com/gcrmXTd.png

Something like this example provided in this chart needs to occur for Wyckoff Accumulation Schematic #1 to be validated. Following up with an example of Accumulation Schematic #2 shortly.
Comment: Here's both Accumulation Schematic #1 and #2 on same chart. I will follow up with worse case scenario shortly; which will be Distribution Schematic #1.

Comment: Example of all three (3) Schematics on one chart:

The following link is an image to provide an example of one type of Wyckoff Accumulation Schematic #1: https://i.imgur.com/gcrmXTd.png
The following link is an image to provide an example of one type of Wyckoff Accumulation Schematic #2 https://i.imgur.com/54FyNdB.png
The following link is an image to provide an example of one type of Wyckoff Distribution Schematic #1: https://i.imgur.com/nOJl0Dd.png

Sorry if this chart is too "busy"

Comment: I personally find it very hard to believe we are at the end of a Distribution Schematic #1 with a Selling Climax; to mark the Beginning of an Accumulation Schematic with an Automatic Rally afterwards in Phase A.

WHY?

Have a look at the indicators on the Weekly (7-Day) TF for ETHUSD: When you see what I see, you can't help but believe ETHUSD is destined to go up soon. No? If this is the case, this could mean only one of two things:

Either we are about to have a month or two of bullish moves in Alt-Coins while BTC goes bearish into a Selling Climax and mark the beginning of Phase A in an Accumulation Schematic.

OR

We are about to have a reversal with BTCUSD along with the alts; which would confirm BTCUSD is in either an Accumulation Schematic #1 or #2.

Comment: Daily (1440m) TF:

Comment: 2-Day TF:

Why does Goldman Sachs hate everyone so much?
Reply
I'll be glad with you if you check my TA using wickoff method for BTC and tell me what do you think about it..



Thanks.
Reply
Aaron18 Aaron18
@ProwdClown open the link and hide the position indicator to see what do you think about it.. recently i found you talking about wickoff method and making TA base on it, nobody talk about it, just "Trader" making gambling with indicator and crazy pattern chart without any clear idea about Richard Wickoff
+1 Reply
@Aaron18,

Looks good to me. I like it.

This "is" looking more and more like a "Test" AFTER a "Spring" when using the 5-Day TF or higher. We SHOULD see a reversal between now and this weekend.
Reply
Aaron18 ProwdClown
@ProwdClown, now my best bet is stay away, the bounce is probably and weak bounce and bloody weekend road to a "true" spring is probably too, (suggesting phase B is not completed yet) so.. why make gambling? i mean, yesterday i had 10 successful trade: ETH- NEO - LTC- BCH -XRP (the most profitable) IOTA - XVG -EOS - DASH. 10% average of each one. (USD-PAIR)

This week is enough. in the past i lost A LOT, but A LOT of money overtrading.

I will do nothing, just watch the market and the sunday analysis again and make my trading plan for the next week... but of course i will follow your post the only coherent trade i found here in tradingview..

Smoke trader and gambling is awesome...
+1 Reply
Do you think that the three different scenarios could be correlated with the upcoming ETF news? Red would mean SEC allows ETF, Black would happen if they postpone the decision, and Blue would happen if they reject it?
+1 Reply
ProwdClown Dontlosemoney
@Dontlosemoney,

Good possibility. Thanks for your contribution...

; )
+1 Reply
Dontlosemoney Dontlosemoney
@Dontlosemoney, Apparently the decision was delayed.
Reply
ProwdClown Dontlosemoney
@Dontlosemoney,

Okay, didn't realize that. Then we could be looking at Accumulation Schematic #2 or Distribution Schematic #1.
+1 Reply
ProwdClown Dontlosemoney
@Dontlosemoney,

I should have said, "Then we could be looking at Accumulation Schematic #2 or THE END of Distribution Schematic #1 with a Selling Climax to mark the beginning of an Accumulation Schematic in Phase A."
+1 Reply
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