BTC - potential double bottom
Hello,
It's been a while since the last crypto pair update I made, but since we are more or less in a full blown bear market I decided it is worth the time to start sharing ideas again without the need to include moon targets in every post to gain viewers etc.
The gameplan here is simple.
On the main chart - BTC/USDT on 1W we see a clear Double bottom pattern in the making. If we manage to get a proper upside and break the neckline then we get our reversal with main target right above the long-term diagonal resistance line around $32,000.
We lose $19,000 and the doors to the $10,000-$12,000 OB will be wide opened.
Now, switching to the 1D chart, I cannot pretend I cannot see the similarities between the price action in the last few months and the Wyckoff Distribution Schematic #2. So we might have entered Phase E which is the final act and we are about to see the final capitulation before starting the cycle again.
There is a big chance we are in Phase A of the ACCUMULATION already which suggests a re-test of the support will be next.
Then we can see something like this:
As always, we need to adapt to what is going on on the charts as they evolve and are impacted by both TA and fundamentals.
Cheers,
It's been a while since the last crypto pair update I made, but since we are more or less in a full blown bear market I decided it is worth the time to start sharing ideas again without the need to include moon targets in every post to gain viewers etc.
The gameplan here is simple.
On the main chart - BTC/USDT on 1W we see a clear Double bottom pattern in the making. If we manage to get a proper upside and break the neckline then we get our reversal with main target right above the long-term diagonal resistance line around $32,000.
We lose $19,000 and the doors to the $10,000-$12,000 OB will be wide opened.
Now, switching to the 1D chart, I cannot pretend I cannot see the similarities between the price action in the last few months and the Wyckoff Distribution Schematic #2. So we might have entered Phase E which is the final act and we are about to see the final capitulation before starting the cycle again.
There is a big chance we are in Phase A of the ACCUMULATION already which suggests a re-test of the support will be next.
Then we can see something like this:
As always, we need to adapt to what is going on on the charts as they evolve and are impacted by both TA and fundamentals.
Cheers,
Comment:
Looking at the price, and even though support is holding for now, it looks like unfortunately we really are at Wyckoff Distribution Schematic #2 - Phase E. Let's wait for FOMC meeting tomorrow.