Sanders

Not short, but not margin long

BITFINEX:BTCUSD   Bitcoin / Dollar
438 2 8
Reasons to close out MARGIN LONGS (still holding BTC coins):
- Weekly R2 Pivot Level
- 200% Fib Extension
- Williams % R = Oversold
- Bearish Momentum Divergence
- Bearish OBV Divergence

Possible area to start looking for long positions = 68% - 72% retracement zone
Source:

http://www.hankpruden.com/MTWyckoffSchematics.pdf
Reply
Nice. I was actually wondering if/when a temporary pullback like this would happen. I would like to add from Wyckoff theory:
"A jump is a relatively wider price spread move made on comparatively higher volume that penetrates outer resistance or support. A backup is a test that immediately follows the jump - a relatively narrow price spread reaction or rally on comparatively lighter volume that tests and confirms the legitimacy of the preceding price action."
+1 Reply
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