When comparing history of lows with EMA's during a bull trend, we have gone as low as the 90-EMA in the 4-Day TF (BitFinex Hack in July, 2016). We also went to the 80-EMA in 2013 after we were over-bought with over a 2,000 percent gain. We just hit the 80-EMA this time in the 4-Day TF. This was likely the bottom. Could we come down to the yellow 90-EMA in the 4-Day with one more push down? Sure, it's possible. However, the indicators in the 12h TF appear as though this downward pressure is about to come to a close.
Our "Back-Up/Last Point of Support" (BU/LPS) Event marks the completion of Phase D. Which means we are about to have our transition into Phase E once we see our "Sign of Strength."
Comment
⋅
Here's some more information:
2012 Accumulation Schematic With Description of each Phase:
2015 Accumulation Schematic With Description of each Phase:
Added that note for Phase D and Phase E at bottom of this chart for Bitcoin History Using Wyckoff Method.
Comment
⋅
Made a few alterations and additions. Took off 70-MA and 150-MA. Then added Red 20-EMA, Green 50-EMA, Magenta 80-EMA and Yellow 90-EMA. We already had Gray 40-EMA and White 200-MA on the chart. Also added text bubbles to identify WHEN we fell to the Magenta 80-EMA or Yellow 90-EMA in history.
Comment
⋅
Made a couple more alterations with text bubbles and color of 80-EMA. I'm going to take a break to get a bite to eat.
Yes, we were anticipating that Back-Up/Last Point of Support Event to occur before we continue upward with our Bull Trend and make our transition into Phase E of our Wyckoff Accumulation Schematic. ; )
Jour
⋅
@ProwdClown, just Bravo!
SocialCryptopreneur
⋅
@ProwdClown - Thanks for taking the time to do an update in the midst of this current downturn. “Buy the rumor, sell the Baakt” is looking like a reasonable strategy at this point from a fundamental perspective, eh? What I am noticing, however, is that volume is not very high - do you have any thoughts on that? The Longs not liquidating has me very curious - do you have any thoughts on that - as the shorts have not increased at all? Looking forward to updates as you feel suited... Thanks for all you do!
Jour
⋅
@SocialCryptopreneur, HI, it looks like big players are frantically accumulating. David atached nice Wyckoff Accumulation Schematic. There is everything
This drop ON LOW VOLUME is actually a good sign to me. It proves even more that "Supply" is practically exhausted. Meaning, they don't want to deplete what "Supply" they have remaining during this manipulation. They would rather hold on to their remaining "Supply" as we transition from Phase D to Phase E in a Wyckoff Accumulation Schematic.
If we had a HUGE drop on HIGH VOLUME, I would be concerned they still have more "Supply" (Coins) to dump.
As to BitFinex Short and Long contracts; They would have to deplete too much of their "Supply" (Coins) to liquidate majority of long contracts. So, it was best for them to have Margin Short positions and push the spot price down to take profits on those Short positions. We should see the Short Contracts begin to fall once this begins shooting up in the next several days.
However, we should anticipate several days of accumulation WHILE SLOWLY taking it up before we finally see a STRONG UP THRUST. They don't want to do a strong up thrust just yet; which would clue in everyone that this downward pressure has come to a close and it's time to buy. They would rather take this up slowly in the beginning from here WHILE accumulating to avoid making it OBVIOUS to novice traders that the bear is done and the bull is coming.
GlennTarplett
⋅
Hi David,
Glenn from NZ here,
started following you 2 weeks ago, your in depth videos are on point and highly educational.
Many thanks!
Thank you for following the past couple of weeks. Hopefully, I can keep you and everyone else interested. ; )
I'm about to work on another video for BTCUSD. Some seem to think we will still go lower. Which challenges me and makes me want to keep looking for support for their opinion. It's important for me to remain unbiased. ALWAYS have an open mind in order to allow yourself to be "challenged." We cannot grow as a trader if we do not allow ourselves to be challenged. It's also important not to be hostile towards others who challenge our TA. That way we can grow as a trader -AND- as a "person." I sometimes have to remind myself of that...
Thanks again for your support and hope to see you more in the future.