BTC: Our Sign of Strength in Phase E is Not Done Yet
Hi Everyone! Simply pointing out our Sign of Strength in Phase E is not done yet. I pointed out how high the White Energy is in the 1-Week and 2-Week time frames. You can see we still likely have at least two to three more weeks of upward pressure remaining in this current Sign of Strength event. I pointed out we should anticipate a pullback right after Thanksgiving Day holiday in the U.S. as well. So, when you are talking with your relatives about Bitcoin this holiday, please warn them to wait for a pullback before buying some Bitcoin to hold for a while. I don't want them to get shaken out or get too stressed out if they were to buy at or near the top of this current Sign of Strength event after Thanksgiving. Be sure to let them know! We don't want their first experience with crypto to be a stressful experience. Okay?
I hope this publication was helpful. I'll provide another update in another 24 to 48 hours.
Happy Trading and Stay Awesome!
David
I hope this publication was helpful. I'll provide another update in another 24 to 48 hours.
Happy Trading and Stay Awesome!
David
Comment:
UPDATE:
Added a note regarding Phase D and Phase E. Reminder: We have just begun Phase E. So, buckle up!
BURGANDY TEXT BUBBLE:
Phase D: If we are correct in our analysis, what should follow is the consistent dominance of demand over supply.
This is evidenced by a pattern of advances (SOSs) on widening price spreads and increasing volume, as well as
reactions (LPSs) on smaller spreads and diminished volumes. During Phase D, the price will move at least to the
top of the TR. The BU/LPS in this phase is an excellent place to initiate or add to profitable long position.
Phase E: In Phase E, the asset leaves the TR, demand is in full control and the markup is OBVIOUS to everyone.
Setbacks, such as shakeouts and more typical reactions, are usually short-lived. New, higher-level TRs comprising
of both profit-taking and acquisition of additional coins (“re-accumulation”) by large operators can occur at any
point in Phase E. These TRs are sometimes called “stepping stones” on the way to even higher price targets.
This information is from school.stockcharts.com website.
Added a note regarding Phase D and Phase E. Reminder: We have just begun Phase E. So, buckle up!
BURGANDY TEXT BUBBLE:
Phase D: If we are correct in our analysis, what should follow is the consistent dominance of demand over supply.
This is evidenced by a pattern of advances (SOSs) on widening price spreads and increasing volume, as well as
reactions (LPSs) on smaller spreads and diminished volumes. During Phase D, the price will move at least to the
top of the TR. The BU/LPS in this phase is an excellent place to initiate or add to profitable long position.
Phase E: In Phase E, the asset leaves the TR, demand is in full control and the markup is OBVIOUS to everyone.
Setbacks, such as shakeouts and more typical reactions, are usually short-lived. New, higher-level TRs comprising
of both profit-taking and acquisition of additional coins (“re-accumulation”) by large operators can occur at any
point in Phase E. These TRs are sometimes called “stepping stones” on the way to even higher price targets.
This information is from school.stockcharts.com website.
Comment:
UPDATE:
Our first major resistance was our Aqua Ascending Diagonal Trend Line. Our next major major resistance is our Horizontal 2.618 FIB Extension at $40,960.
The next step up is generally the 3.0 and 3.142 FIB Extension Range. Which is currently $44,678 to $46,060). Could potentially see a Last Point of Support (LPS) at the 2.786 FIB extension if we continue up to the 3.0 to 3.142 FIB Extension Range.
Our Orange Ascending Diagonal Trend Line may likely be our Diagonal "support" for a while to come.
Our first major resistance was our Aqua Ascending Diagonal Trend Line. Our next major major resistance is our Horizontal 2.618 FIB Extension at $40,960.
The next step up is generally the 3.0 and 3.142 FIB Extension Range. Which is currently $44,678 to $46,060). Could potentially see a Last Point of Support (LPS) at the 2.786 FIB extension if we continue up to the 3.0 to 3.142 FIB Extension Range.
Our Orange Ascending Diagonal Trend Line may likely be our Diagonal "support" for a while to come.
Comment:
UPDATE:
Red and Blue Lines are "both" rising above Yellow Level 50 in every single time frame of the Short Term Group (30m, 1h, 90m, 2h, 3h, 4h, 6h and 8h). Increasing probability for b-bands to expand and price action to go "up" with this expansion. Common sense tells us this is increased buying pressure approaching.
Red and Blue Lines are "both" rising above Yellow Level 50 in every single time frame of the Short Term Group (30m, 1h, 90m, 2h, 3h, 4h, 6h and 8h). Increasing probability for b-bands to expand and price action to go "up" with this expansion. Common sense tells us this is increased buying pressure approaching.
Comment:
UPDATE:
We still have 1-Day and 4 hours remaining in the current 2-Day and 3-Day time frames. Yes, the Green Line is currently falling in the 2-Day. However, look at the 12-hour and 24-hour. We see the Red and Blue lines are above Yellow Level 50 with the Green Line and White Energy rising above level 50 as well. This increases probability for the b-bands to expand and price action to go "up" with this expansion. Meaning, increased probability for increased buying pressure approaching.
If we see expansion in the 12-hour and 24-hour, this may force the Green Line in the 2-Day to turn back up and eventually "close" while going "up" and push the White Energy in the 2-Day back up toward level 50 to setup going above level 50 the next 2-Day candle.
We still have 1-Day and 4 hours remaining in the current 2-Day and 3-Day time frames. Yes, the Green Line is currently falling in the 2-Day. However, look at the 12-hour and 24-hour. We see the Red and Blue lines are above Yellow Level 50 with the Green Line and White Energy rising above level 50 as well. This increases probability for the b-bands to expand and price action to go "up" with this expansion. Meaning, increased probability for increased buying pressure approaching.
If we see expansion in the 12-hour and 24-hour, this may force the Green Line in the 2-Day to turn back up and eventually "close" while going "up" and push the White Energy in the 2-Day back up toward level 50 to setup going above level 50 the next 2-Day candle.
Comment:
UPDATE:
C O R R E C T I O N : The Red Line is above Yellow Level 50 in the 12-hour. However, the Blue Line is not above Yellow Level 50. I thought it was but it is not at present. They both are in the 24-hour but not the 12-hour. Let's see if the Blue line can get above Yellow Level 50 some time during the "next" 24-hour candle.
Here's the 12-hour:
C O R R E C T I O N : The Red Line is above Yellow Level 50 in the 12-hour. However, the Blue Line is not above Yellow Level 50. I thought it was but it is not at present. They both are in the 24-hour but not the 12-hour. Let's see if the Blue line can get above Yellow Level 50 some time during the "next" 24-hour candle.
Here's the 12-hour:
Wyckoff Descending Wedge Accumulation Schematic for 2023 to 2025:
Near Term Group (12h, 24h, 2D, 3D, 4D, 5D, 6D & 1W):
Mid Term Group (4D, 8D< 9D, 10D, 11D, 12D, 13D & 2W):