Rilez

Bitcoin Is getting ready to break out!

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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On the 4h time frame we have developed a very nice Wyckoff accumulation over the last 11 days. It seems we are finishing the last part of our LPS "Last Point Support". The best time to enter was the Spring phase around $5,900. But if you didn't get in there this is probably the 2nd best entry given that SOS phase is next "Sign of Strength." Then the big Break out!! Once that happens all the retailer traders will jump on board and drive price even higher. Cheers and happy trading. This is not financial advice just education.

Comments

Highly doubt it. This reasoning works on an uptrend but not on a bear market. Going at 30mph accelerating is not the same as going 30mph breaking. This seems like a bull trap to me. It won't go past 6.9k even on uptrend
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Rilez trashpanda19
@trashpanda19, We will see. The whole point of wyckoff is to find the accumulation or distribution before the crowd. This looks like a classic accumulation phase to me. Good luck thanks for your input cheers.
+1 Reply
And your opinion now?
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Rilez GlennTarplett
@GlennTarplett, Sorry didn't get your notifications tell now. We are now in Sos Sign of Strength phase. We consolidate and once we break that's when the real moon begins! $7600 will a little resistance but I think we make it easily back to $8,500 re test. We break that then next test 10k then 11.7k. Shorts are still way over leveraged in sign of strength phase which is very good sign we are on our way! Cheers good luck
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Rilez Rilez
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Flawless
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pls review my work sir, tell me if somethings wrong
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Will look like a rising wedge at 6900 and bear flag on the daily.
Agree with @trashpanda19 , its too small of an accumulation to consider this a recovery pattern after 9 months bear market. I wouldn’t trade this accumulation if I were you...
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Rilez salaryman
@salaryman, Thanks for the input. Wyckoff can be used on many time frames. 11 days of accumulation is plenty imo. Another confirmation to this being a wyckoff accumulation is the market sentiment of 7k more shorts to longs. Lines up perfect for more up and this being the wyckoff accumulation I charted. Cheers good luck.
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