In my last chart, I had emphasized that the Wyckoff's Spring is likely at the $6,000 level (aka The Walls of Westeros) provided that price bounces from $6,000 and not any higher. Why is that? Well, it is important to remember that the Wyckoff's Spring needs to be a lower low.
Of course, this is all based on the assumption that Bitcoin is really trending according to the Wyckoff Events. If that is truly the case, then the current downtrend should also follow other Wyckoff rules that govern a Wyckoff Bear Cycle like distribution, breakdown and markdown.
The moment of truth is here. Remember, the bounce needs to be at 6,000 exactly if that is to be Spring. And if the wall breaks, then you already know where we are heading.
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Here is another point of view in the current situation. Click on the chart below to enlarge.
The above does not supersede this Wyckoff chart or my previous ones. Sometimes, taking a step back lets you see more.
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Wonderful. Despite the Wall of Westeros (6,000 psychological barrier) has been breached, the Night's Watch is doing a good job repelling the White Walkers from further advancement into the North. If they can keep up for another hour, we should witness a reversal to the upside. This is a good spot to mildly add to your stash until we see confirmation of said reversal.
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Volatility has returned, no surprise there. Fundamentally, the market remains strong amidst huge selling pressure. It would seem that the bears are having a hard time pushing price down below key support level $5,800. While we are prepared to buy the dip at $5300 and $4800, we must not rule out the possibility of a reversal of this breakdown back to the "Third Time Lucky" triangle. Remember, the Bitcoin market never fails to astonish us.
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What did I tell you about the reversal, folks? The market is simply astonishing! Our "Third Time Lucky" chart is back in business.
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Updated Chart:
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Hi friends! Here is today's update on BTC. We are approaching a key resistance level where the bull might have trouble penetrating given the lack of volume. If the bull fails, the bears will seize this opportunity to claw price down to retest the regional lows of $5,755 again. Here is an illustration of the BTC 4-Hour chart of what might happen. Note: I would be cautious and wise to pull out of this market at this level for the time being and re-enter at lower levels. That's all for today. Happy trading everyone!
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Since this is more of an educational post, I am ending all future updates pertaining to BTC trend development to avoid unnecessary confusion that might arise. This would be my last update to this chart. If you want be kept in the loop about my forecasts, I encourage you to follow me and check out my latest chart without the "Education" tag.
How is this post educational? You are using terms from Game of Thrones. You are NOT teaching us anything about how you constructed your Eliot Wave theories. Explain to us HOW you arrived at these conclusions. To me all you are doing is forecasting and the category is now Eliot Wave or Beyond TA.
cryptoezvip
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@TradeClass, salty fellow, aren't you? No, this chart is not a forecast. I was fascinated by the resemblance of it with the textbook chart. The highlight of this post is the Wyckoff technique and links were provided to indulge anyone's educational lust. I don't Elliott Wave or Beyond TA cat being chosen for this.
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@bibboyne, I am very disturbed by your answer. I feel this entire IDEA is misclassified. Until you explain how the chart was derived.. I haven't learned anything. I also dislike your terms whereby you associate LUST with eduction. I think in terms of human condition, as far as education, I am being misled with psychological double talk. You can continue call me SALTY.. because until you share something that benefits the members of Tradingview (which your previous Idea about three times to breach a trend line was totally misguided) I will point out my disagreements if I feel your points are not valid.
cryptoezvip
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@TradeClass, right. Ok, I should have used desire instead of lust. English is not my native language so no offense. As for TTL, you should try it on longer term charts like the daily chart. It works well in the btc example I made, attempt #2 did not breach the tangerine trendline after all. I was taken by surprise when I thought it did because #2 usually does not do that but then the candle closed above 6k so all is good.
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@bibboyne, The only concern that you answered was a bad choice of terminology. I surely KNOW that you know what LUST means. The fact that you ignored all my important concerns is your acknowledgement that I am right about everything else. Frankly, I think you should apologize to your followers publicly. Your posts are confusing.,. just look at the comments in the room. They are posted as if they are TA.. but then you say they are not TA. But you do not educate. So what are you? It's called misrepresentation, Bibb.
I think the HONEST thing to do is stop publishing for a while and decide WHAT you want to be in this community. If you are going to continue educating, then construct lessons step by step. If you post an image, you best be ready to break it down in a manner that demonstrates you as a person in the know. Bad language matters. Keep it simple and do not make analogies to sex, TV shows and most of all, if someone challenges your thinking, do not resort to name calling, like Mr. Salty.
I am not going to continue pointing out your flaws, I am way too busy. However, others will challenge you in the future if you continue this way. And now that they corrected the TOP authors problem, you are going to have to work hard like the rest of us to earn a good reputation.
cryptoezvip
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@TradeClass, everyone else is fine with my posts except you. I responded to you because I respect you as a fellow trader but now you have spilled the beans as to why you are being salty, that little respect I have for you is gone.
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@bibboyne, calling me Salty is not a little respect. You are in the gray area with TOS guidelines when you call people names.
domscap
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@TradeClass, dude, chill out. None of us come here expecting answers. Just opinions. I need no apology.
germanach
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Thats one of my targets, but my low is 2800 and Vays is 1300 and Tyler is flat 1000
cryptoezvip
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@germanach, yup, EW counts will land you in those places but the market is alive, volatile and unpredictable. More importantly, is the market willing? I think not. It will take a nasty FUD news or a big hack to drive price down to those ranges.