Although i don't trust intraday charts, It's hard to ignore the markup that has occured in the last week and how it recalls the begining of a distribution schematic, on the 6 hour chart.
The volume peak on July 26th marks the preliminary supply (PSY) moving to the overbought region of the uptrend channel. Followed by the buying climax and an automatic rally to take us over the secondary test.
Now pulling back to a sign of weekness (SOW) area.
So far, fits perfectly. That said, the upthrust (UT) and upthrust after distribution (UTAD) is to be expected. Although we cannot be sure at which price level they will reach.
Eventually distribution will end with show of second weakness, below the first one and the markup will follow the last point of supply (LPSY)
Risk management becomes very important here. As you know i'm planning to buy over 41.330 and if the UTAD in this distribution breaches my target, i wouldn't want to be caught with 100% of my portfolio. If we reach this target, i'll only invest 15% maybe less, so the rest could be used to dollar cost average my entry point and exit with profit in case of a markdown.
@YagamiSerika, same question here. TV says it was removed because it was against house rules
ROI_Crypto
⋅
@YagamiSerika, according to his twitter he was banned for a day since he shared his twit? feels like proper censorship! he posted about re-accumulation - which looks like a very probably scenario.
ncncryptography
⋅
@YagamiSerika, I had the same question. It's attached above as a comment on this thread idea. Any reason why it looked like its own idea and now it's attached here? I wanted to ask Millio himself, but I can't send DM's right now.
sirchopper
⋅
Where did that update go? Why the definitive change ?? Or was it a joke?