Created a new chart. The old one was getting too populated with updates to scroll through.
The 360m TF indicates we still have downward pressure.
Yes, we may come up a bit. However, I honestly believe it's just another pause to allow the buy order books to fill to their liking before dumping it down once again.
Looks like we should be going up between now and the next 2 hours:
This appears to be our last shakeout of weak hands before moving upside STRONG.
120m, 240m, 360m
IT IS "POSSIBLE" WE CONTINUE DOWN ONE MORE TIME CLOSE TO $12,500 OR $12,600 BASED ON WHAT I'M SEEING IN THE 360M. SO, BE READY FOR ENTRY.
For example: If you had $9,000 you were willing to invest: Each 3rd = $3,000
This is a pulled back view to allow you to see previous 2 Guns Down Calculation along with current one:
This current move up is only an "attempt" to play on emotions to make people "think" the downward pressure is over [In order to encourage traders to fill the "BUY" order books to their liking before dumping us down once again. This could very well be a "Bull Trap" in the making to dump us HARD one last time AFTER the new year is here.
Again, this is my opinion.
The 2 Day TF below is to show support for my thoughts:
VERY IMPORTANT MESSAGE. PLEASE LISTEN WELL:
What the Dying Elderly told me:
2 Day TF:
It's looking like we should begin to have a reversal to stronger upside pressure within 2 hours 20 minutes to 26 hours 20 minutes:
I will not be surprised to see us move up into that green channel and fall into accumulation for a bit. The gray ghost on Phx. 1.118 is very high but that does not mean the green line cannot continue upside and roll out to the right . The Stoch RSI and Phx. ARI appear to have more room for upside movement as well.
I've been replacing R9 380's and R9 Fury's with EVGA 1080 ti and EVGA 1070 ti. I'm giving dad my R9 380's and some of my R9 Fury's. Also giving him 7 x Bitmain S7's and 1 x Bitmain S5. It's funny how the S7 and S5 are worth more now than what I paid for them back in 2015 and 2016.
I put my mining room remodel on hold while helping my dad build his mining room. It's coming along slow but sure. I'll get back to my mining room once his is completed. I am taking off from working in his mining room until Monday to finish adding EVGA 1080 ti's to my setup. I was waiting for some 1600 Watt P2 Power Supply Units to arrive before I could get started on the remaining 1080 ti's.
I don't expect to be back full time trading until another 30 to 45 days because I will also have 2017 taxes to do. All of my mining rigs are owned by my business. It's important to keep everything LEGIT with "The Man."
Pulled Back View to see the pattern:
Closer View to allow you to see APPROXIMATE dates we may "potentially" begin Springs (blue) and Consolidations (red):
Magenta color arrows are SINGLE Breakouts and Blue Arrows are DOUBLE Breakouts.
Or you might say, "Magenta" is Single Gun Up and "Blue" is Double Gun Up.
All of this ASSUMES the pattern continues of course.
I"M FOLLOWING THIS CHART WITH ANOTHER CHART SHORTLY...
FOLLOWING UP WITH WYCKOFF SHORTLY.
Phase B: In Wyckoff analysis, phase B serves the function of “building a cause” for a new uptrend (See Wyckoff Law #2 – “Cause and Effect”). In phase B, institutions and large professional interests are accumulating relatively low-priced inventory in anticipation of the next markup. The process of institutional accumulation may take a long time (sometimes a year or more), and involves purchasing shares at lower prices and checking advances in price with short sales. There are usually multiple STs during Phase B, as well as upthrust-type actions at the upper end of the TR. Overall, the large interests are net buyers of shares as the TR evolves, with the goal of acquiring as much of the remaining floating supply as possible. Institutional buying and selling imparts the characteristic up-and-down price action of the trading range.
Early on in Phase B, the price swings tend to be wide, accompanied by high volume. As the professionals absorb the supply, however, the volume on downswings within the TR tends to diminish. When it appears that supply is likely to have been exhausted, the stock is ready for Phase C.
It's important to note that most all crypto currency pairs are NEVER in a constant state of distribution or constant state of accumulation. But rather, they phase in and out of accumulation and distribution. Hence, Distribution Schematics, followed by Accumulation Schematics. I did not COMPLETELY reveal that in the chart just above your comment. However, I thought that chart would enlighten enough to peek interest.
Pointing out one last thing in regards to Wyckoff Accumulation Schematic #1/#2; Events and Phases:
"Note: Springs or shakeouts usually occur late within a TR and allow the stock’s dominant players to make a definitive test of available supply before a markup campaign unfolds. A “spring” takes price BELOW THE LOW OF A "TR" and then reverses to close within the TR; this action allows large interests to mislead the public about the future trend direction and to acquire additional shares at bargain prices. A terminal shakeout at the end of an accumulation TR is like a spring on steroids. Shakeouts may also occur once a price advance has started, with rapid downward movement intended to induce retail traders and investors in long positions to sell their shares to large operators. However, springs and terminal shakeouts are not required elements: Accumulation Schematic 1 depicts a spring, while Accumulation Schematic 2 shows a TR without a spring."
Now, I have work to do. I'll check in later this evening or tomorrow. Have a good one and Happy Trading!
We still have a while yet before this occurs. We're simply witnessing PROGRESS.
I made adjustment for the new established lower support line in this chart:
Made further adjustments to wedge, trading range rectangles, possible future price movement lines with arrows, etc...
Thanks, Brother!!! However, I'm still learning Wyckoff just as you are, my friend. :-)
I'm simply posting history of using Wyckoff with charts to reflect back on in the future to establish a historical account of Wyckoff's schematics with crypto currencies. Especially Bitcoin... Still much to learn, Sir. Always learning... ;-)
No sir, Not concerned at all.
Sure, you're welcome...
I just posted an update ABOVE. Will follow up with another chart shortly.