TradingView
Mayfair_Ventures
May 11, 2021 7:19 AM

BTC facts - chart overlaid to show the logic. Short

Bitcoin / United States DollarCoinbase

Description

I have been asked recently about the BTC moves and how the "they Blew up the rocket" call back on the 18th of March fits this.

It's pretty simple - Elliott wave Weekly (3) = Daily ⑤.

That combined with a near perfect example of a Wyckoff Distribution schematic as per the ghost overlay.

We had discussed this in our Discord last week and covered in the TradingView stream again yesterday with @Paul_Varcoe

Here's a link to the TV stream - tradingview.com/streams/x8XAYBBAl7dv5cuG9yuWD/

But for some reason there is some technical glitch on TV's historic stream's from yesterday. so here's also the YT link below encase it's not working in a few hours;
youtube.com/watch?v=iNWMniFEVR8

Although it's short - I hope this makes sense.


Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.

Comment

waiting on BTC - be like.

Comment

Comment

lovely little move as per the wyckoff expectations.
Comments
zAngus
Appreciate the effort you put into your chart art. Great accompanying analysis. Thanks for contributing to the community :)
Mayfair_Ventures
@Angusmck, Many thanks Angus, Hope you are having a great week!
allinyolo
Thanks for sharing!
Do you believe your analysis applies to Bitcoin only or to the entire crypto market as a whole (to some extent at least)? I was expecting the market to cool off a bit after the huge run up of april and may so far and am surprised to see higher ATHs of many of the top 100 alt-coins day after day or week after week.
Mayfair_Ventures
@allinyolo, It's Bitcoin leading everything - if you look at the correlation between other alts. You will see the others are a little lagging. However, there is also the issue of out-flow BTC will have a percentage flow to alts. So this particular analysis was specifically BTC, but it will drive the others.
PhilomathicJ
@allinyolo, I've been in the same boat. Keep waiting for things to settle and head back down, and yet here we are with ATHs all over the place.
Mayfair_Ventures
@PhilomathicJ, I think it's a good sign that some money is "staying in crypto" so a move to something like ETH makes logical sense. But I also feel something big is bubbling. Sat waiting!
PhilomathicJ
@Mayfair_Ventures, Great video, btw. Just finished it, and it was very informative. You guys do good work.
Mayfair_Ventures
@PhilomathicJ, Thank you! it's interesting seeing the Wyckoff overlayed like this.
PhilomathicJ
@Mayfair_Ventures, Agreed. Have you seen AAVE's chart? Looking pretty Wyckoff-y to me. I've been trading it for several weeks with a fair bit of confidence.
Mayfair_Ventures
@PhilomathicJ, No, not seen the AAVE chart. Will take a look at it!
More