Eloquent

"A new beginning".

KUCOIN:BTCUSDT   Bitcoin / Tether
I have been doing a lot of thinking about this move, and all of the psychological components which came with it.

The best way I can describe what has been happening recently, to put simply - is a very complex phase of distribution.

Would explain the extreme spikes in volume , the overly volatile moves which don't seem to make much sense at times, and this obscure over-extension which looks like it will never come back down to equilibrium.

Moves like these were created to pull people in, to trick and mess with everyone, even with some of the most experienced traders out there.
By the book we call a move like this " the suckers rally". I never did like the term, but that's really all a move like this is.

What I am presenting tonight, is my version of what this correction has been, and what it will be in the coming months before the next bull run ensues.

Looking for a final upside target of this correction to be at $50,000.
Downside target to put in Wave 4 on a higher degree = $20,550

We can talk about the Wave 5 upside target in my next post, for now let's just focus on completing this rollercoaster of a correction.

Ps. This may be my last post for some time as I focus more on my trading, and less on sharing my ideas with the world.

I will return when the time feels right.




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Trade active: as we approach our downside algo target, i am a little bit weary of this move.

the 1\3h algo's might just be in perfect alignment when we get to 38k - if they are, we'll see a strong move out of this range and to our upside target of 45.5k.

i don't want to see 38k get breached, otherwise something else might be going on.

*a liquidity wick below 38k is fine, but if we see any candles closing below this area, consider this entire idea invalidated.

have some long orders between 38,055~38,000 with a stop at 37,500.
Comment: if i was the old me, i would have fomo'd into this bounce

but new me doesn't get into a trade unless my target is reached 💸

Trade active: Here we go!

Trade active: 🎯🎯🎯

Order cancelled: out of my long at breakeven.

looks like market maker wants to change direction.

back to the drawing board for now ~
Trade active: BTC starting to enter into a squeeze down here, I think we're going to fire to the upside any moment.

Starting to average into a long position down here, stops at the local low.
Comment: the algos are so close to aligning with the stars, but i'm not sure this support can hold much longer. be cautious if you're long, this may see a draw down to about 37.5~37k before that triple buy signal pops off and takes us outta here.

gotta give it to market maker though, they've been putting in some heavy work these last few hours to keep btc from falling lower.

we may also just range sideways here, that would be the preferred scenario, so as not to break structure.
Comment: my squeeze indicator is starting to get hot 🔥

we just squeezed out of the bear wedge, and all of the algos are starting to turn up

there's a good chance we melt up from here, but i still need to be cautious just in case.


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