Yes, you see I've placed a "Short" target on the chart. Why? Because we should begin a reversal to downward pressure soon in order to Test Support; which is normal after testing supply in Phase B of a Wyckoff Accumulation Schematic. The goal is to tempt as many as possible into thinking we are about to moon. Especially, since we broke out the top of this bullish wedge. However, many will be sadly mistaken when their margin long positions begin to get liquidated. Some will wait to go long on the next dip down. Thinking they have missed out on going long. Which is why I'm saying they will fall for "Buying the dip." And they will get liquidated as well. As an additional note; you may consider a stop loss as high as $416.00. Will it go to $416.00? Sure, it's possible. I'm simply guessing they may want to try to "STOP" those attempting their short position just before they begin liquidating longs. $3,437.35 is my TARGET for the bottom of this Test of Support. THIS COULD CHANGE OVER TIME. Stay connected for updates...
All of this is my opinion of course. It's your money and therefore "your" decision. All I'm doing is providing my "opinion."
I want to thank my followers for their support! Please take a moment to click the "Like" button if you find my TA has been helpful.
Happy Trading and have a GREAT day!.
David
Posting cover chart again (below) just incase TV's platform scrunches up the cover chart.
Bitcoin History From 2011 to Present Day Using Wyckoff Method:
2012 Accumulation Schematic With Description of each Phase:
2015 Accumulation Schematic With Description of each Phase:
Brief Explanation of Phases A, B, C and D in a Wyckoff Accumulatoin Schematic. Phase E is not covered in this video. Also, do NOT assume I'm saying the Price Action will play out exactly as depicted in the EXAMPLE provided in the video. It's ONLY an example...
Simply adding this recent video publication to this publication:
You will want to see this video to provide further support of the Bottom Being IN and we are likely in the beginning of Accumulation.
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TO BE CLEAR...
The REASON this is labeled a SHORT position is to get everyone in the MINDSET we are NOT about to moon. I want everyone to be in the MINDSET of finding a spot to SHORT/SELL.
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Followers, THIS is how we are going to AVOID miscommunication:
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Reminder: My stop loss on the "Short Position" in the chart is $4,303.86
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After several comments in PM's and in public chat, I see it's important for me to CLARIFY what I "INTENDED" to convey with the "Short Position" tool. The MOMENT we passed the 50-EMA in the 2-Day TF or 100-EMA in the Daily, I wanted everyone to KNOW this is NOT time for a MOON. THIS was the time to get in the mind set of preparing for a SHORT/SELL. The RED area of the "Short Position" tool was ONLY used to provide a price range in which I'm expecting the upward pressure to exhaust and see a reversal to downward pressure.
This 10 minute video gives more clarification for that along with helpful hints on what to look for with potential confirmation of REVERSAL:
We're NOT Bear; We're NOT Bull; We're IN ACCUMULATION.
Moving Averages Reveal More Over Sold Today Than 2015...
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Welcome to crypto one and all...
NOW you see WHY I say there is NO SHAME in getting out NOW. No shame at all.
I could no longer keep my eyes open and dozed off. Wake up and have a look at charts and BEHOLD, the dump from down under.
This was a PERFECT EXAMPLE of WHY I've said, 'There is NO SHAME, in getting out now.
Cheers...
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A "NEW" Publication will follow not long after the creation of a NEW Daily and Weekly Candle in 4 hours.
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A look at the Weekly BEFORE the new weekly candle:
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If people have been wondering what's going on with me not posting a publication or update, it's because I see no OBVIOUS reason for anyone to be in a "position" or to. "buy" right now. I relaxed last night to spend time with my wife and son. I have some business to tend to today. I won't be back to update until later in the afternoon or evening. Until then, I see NOTHING worth RISKING taking a POSITION. I prefer OBVIOUS or at least pretty close to OBVIOUS before considering a protected trade with stops or trailing stops.
I see NOTHING obvious as of yet. NEVER force a trade... Doing son is only a sign of greed encouraged by emotions rather then SOUND TA.
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Update with the 90 minute TF... I have some business to tend to in about 15 minutes that will continue for most of the day. I will not have time to share ANY updates for approximately 6 to 8 hours.
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Took a quick look during a break while doing business.
Around $3,885 at the 0.618 FIB may be the highest IN THE NEAR TERM before a dip. The 0.5 FIB @ $3,860 may possibly be the highest. Of course, we just hit that 0.5 FIB.
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Simply posting this for FUTURE reference four (4) years from now. Wish I had done this stuff back in 2015. I'm about to have a look at multiple time frames and decide whether to do a new publication or simply post a couple of charts.
Well done you timed it perfectly. We also saw this pull back coming at 4,200 on this chart with squeezed Ichimoku Cloud, 50DMA - 100DMA on a near croos and a nearly overbought RSI. The signal from 2015 was striking:
That is simply an excellent all around analysis. Very good work really. Personally I am just looking to buy every dip I can get my hands on within this green zone. Above that, the bull market starts and we better be ready.
im a big fan of wyckoff and love the analysis. i've been reviewing btc 2011, nov 2014/ march 2015, and gold 2014 and bxi 2008 see similarities in all. i've concluded that we are still in wave 4 of five and have at least one more lower low per time fib analysis and thinking we may have completed a large wave 5 (with subwave 1 being 2011 peak, subwave 3 being dec 2013 peak, and subwave 5 being 2017 peak)...and thus...our bear market will continue much longer then most anticipate...where a final low may be found either late this year or in 2021-2022.