WyckoffMode
Long

Tempted to Change Price Prediction Based on White Energy. WHY?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I have pointed out WHY in the White Text Bubble within Godmode indicator. This would be Phoenix 1.118 for some of you. Yes, it is POSSIBLE the White Energy could plummet down quickly all of a sudden to the 50 percent level. However, I'm seeing that being unlikely due to only one yellow caution dot with room for several more caution dots to appear before we see consolidation. Also, we have blasted through the Blue 100 Moving Average and heading upward towards the White 200-Moving Average that's currently sitting at $9,205. Hence, the reason for placing the Green Box as a target with the lower boundary of that target at my Green 0.618 SECONDARY FIB at $9,135.85. Yet, we could potentially continue higher to my Magenta 1.0 PRIMARY FIB at $9,948.98 before seeing consolidation.

Here's a better look of the Daily chart again without it being scrunched up by TradingView's Platform:
Jan 08
Comment: This scenario is "logical" to me; in that many will want to margin short at the upper boundary of this descending channel around the $8,635.95 price point. They may attempt a short squeeze at that price point and continue taking it up higher before consolidating. Just saying...
Jan 08
Comment: Is this "guaranteed" to play out? Certainly not guaranteed. I'm simply pointing out what I'm seeing currently in the Daily (24h) TF. I'm going to have a look at a couple of lower time frames and update this publication shortly.
Jan 08
Comment: 12h TF... I'm going to have a look at the 6h TF shortly.

Jan 08
Comment: Also keep in mind that just because we see UPWARD pressure continuing for a while until the White Energy in the Daily reaches the 50% level... This DOES NOT mean we "must" continue up with the price action. We COULD continue out sideways more in a time correction before falling into consolidation on or around January 15th.

So, if you are considering taking a long position, PLEASE do not forget to ALWAYS implement a STOP LOSS to keep losses small and gains large.
Jan 08
Comment: 6h Time Frame with comments in text bubbles:

Jan 08
Comment: A look at the 3h Time Frame:
Jan 08
Comment: I can see us potentially coming back down to test the Yellow 20-MA as support in that 3h TF posted above before continuing upward again. I don't see us coming down to test it just yet. Maybe end of day today or tomorrow.
Jan 08
Comment: I "REFUSE" to promote ANY exchange! PERIOD...

So, those of you sending me private messages asking me to support and/or promote your exchange WILL BE IGNORED PERMANENTLY.
Jan 08
Comment: As anticipated, we came back down to test the Yellow 20-MA in the 3h Time Frame. We "wicked" down a little lower than I anticipated but the structure of the candles are still currently closing along my Yellow Diagonal FIB inside my shaded blue box.

Jan 08
Comment: Update using the 2-Day Time Frame:

Comments

I have a simple yet crucial question watching your indicators. White energy for most timeframes from 1-9D have reached above 80 level and/or have started coming down, though white energy in 12-2W 16D 3W are all going up with a lot of room to go.

Déjà Vu if you remember after the $3000 pump, the white energy on most TFs look just like that, overbought in lower TFs, and apparently lots of upward room for higher TFs. But then higher TFs didn't warp lower TFs with supposed upward pressure; lower TFs warped higher TFs instead, and dump eventually to $6500.

What is it that I should be looking at to see with better lucidity the most probable next step for BTC?
Hope I am not intruding too much as I understand you have stuff to manage. Please take your time, if only just to share your thoughts casually.
+1 Reply
@Popovich,

I got to eat then head out to do some more work on the new office.

Maybe this will answer your question...

BTCUSD - New Video Publication Posted Just Now; titled, "Upward Pressure Continues AT LEAST Until Mid January, 2020."
+1 Reply
Would love to see your update on BTC/USD Wyckoff Chart whenever you can squeeze it into your busy schedule!
Stay Awesome David!
JK in Wisco
+1 Reply
@OC_Being,

I'll work on it the next time I have a decent amount of time. I'm about to eat then head back to my mother-n-law's house to work on the new office.

Stay Awesome!

David
Reply
By the way I am wondering if you see any particular cause of concern in bitcoin and/or other stores of value with high tension developing in the Middle East between US and Iran recently?
+1 Reply
@Popovich,

It's VERY hard to determine how much geopolitical tensions around the world can affect the price of decentralized crypto currencies. However, I know the price of bitcoin in Iran is nearly $30,000. With that said, I can only conclude a global political and/or geopolitical crisis between countries can only increase the value of crypto rather than push them down. My opinion of course.
+1 Reply
genx7781 WyckoffMode
@WyckoffMode, You are wrong about the price of bitcoin in Iran. In many developing countries where there are currency controls the official and non official value of the currencies differ significantly. The official value of the currency in Iran is good to buy gas and almost nothing else. Everything else is based on the unofficial value. Based on that Iran has a 3-4% premium over coinbase price.
Reply
@genx7781,

Your opinion of course...

; )
Reply
Comment removed.
genx7781 genx7781
Forbes actually had to write an article to correct the factually inaccurate reports circulating about Bitcoin prices in Iran. It is a simple concept to understand. Its possible you don't have the basic understanding of the facts … but we are clearly dealing with facts here and not opinions.
Reply
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