BITCOIN long AND short-term outlook using Wyckoff and Elliott
Hey there traders\
The charts that you see here are mainly for my own analysis purposes. I use these not only to track my trading but also learning progress.
Though a really great way of learning is sharing my ideas and getting feedback. So I tried to make these charts are comprehensible as positive
Make sure you start with the largest time, i.e. weekly first, and read the market from left to right because the goal of a wyckoffian is to create a 'cohesive narrative' around events of a market, and that's only possible if we look at what had happened first.
So this is the long-term view of the market. If this if it hadn't been because of COVID, this market was ready to trend back in March 2020. We can see that because of the lockdowns, people just needed cash and liquidity and fear took over them to capitulate, but the supply was so aggressively bought back at a previous significant value level marked by the 2019 rally.
We also do see that now that we made that aggressive break-down, market reversed and is now facing re-emerged supply at a significant supply level
The recent change of character is marked by the fact that every time before, when supply came in from the 10K level, we've made a clear reversal, but this time, we've rejected the low and are holding a significant level - this is bullish.
So let's take a closer look to find some scenarios:
Wychoff based bullish scenario
If you look at the behavior of the market in this uptrend, you see that each time contrarian supply entered to stop the uptrend, it was absorbed at the higher low (HL) , and was followed by two other higher lows to create a higher high. This could be an analog to the behavior to come
Eliotte Based bullish scenario
This move could unfold into a triangle, being the wave 4, on I on a higher degree.
Bearish Scenario
Based on Elliott, but is probable in a short term setting
Let me know what you think and make sure to press that like button for more future analysis!
Happy Trading
The charts that you see here are mainly for my own analysis purposes. I use these not only to track my trading but also learning progress.
Though a really great way of learning is sharing my ideas and getting feedback. So I tried to make these charts are comprehensible as positive
Make sure you start with the largest time, i.e. weekly first, and read the market from left to right because the goal of a wyckoffian is to create a 'cohesive narrative' around events of a market, and that's only possible if we look at what had happened first.
So this is the long-term view of the market. If this if it hadn't been because of COVID, this market was ready to trend back in March 2020. We can see that because of the lockdowns, people just needed cash and liquidity and fear took over them to capitulate, but the supply was so aggressively bought back at a previous significant value level marked by the 2019 rally.
We also do see that now that we made that aggressive break-down, market reversed and is now facing re-emerged supply at a significant supply level
The recent change of character is marked by the fact that every time before, when supply came in from the 10K level, we've made a clear reversal, but this time, we've rejected the low and are holding a significant level - this is bullish.
So let's take a closer look to find some scenarios:
Wychoff based bullish scenario
If you look at the behavior of the market in this uptrend, you see that each time contrarian supply entered to stop the uptrend, it was absorbed at the higher low (HL) , and was followed by two other higher lows to create a higher high. This could be an analog to the behavior to come
Eliotte Based bullish scenario
This move could unfold into a triangle, being the wave 4, on I on a higher degree.
Bearish Scenario
Based on Elliott, but is probable in a short term setting
Let me know what you think and make sure to press that like button for more future analysis!
Happy Trading
