Guys, I'll make this short and sweet and to the point.
While my thought is that, yes, we are parabolic... We can for sure go into another UTAD phase of the UTAD trading range we are in... But that is NOT a guarantee.
There are two different Wyckoff distribution schematics. One that has a UTAD, and the other that only has a UT. In our current trading range, we are already in a UT.
Bullish pros: -We are parabolic, nearing a cross over of ATH. -UTAD is not out of the question at all in our current distribution trading range. -We have been EXTREMELY bullish.
Bullish cons: -Nearing ATH. -Already trading within the UTAD of the previous trading range. -Indicators are all diverging currently with price (price making higher highs, volume delta and RSI making lower lows) -Long positions are STUPID high right now. I mean STUPID high! -Price in our trading range is making a broadening wedge, which is a technical reversal event... They DONT always play out though, especially when we are parabolic.
I am fervently cautioning long positions right here, even though I cannot rule them out fully... This is not a real great place to be in a position. I would WAIT for either ATH to be broken, OR wait for a possible SOW and below the bottom trading range to happen... Because it could. From there, we could go into a re-accumulation phase and then go on to break above ATH. But either way, a position here is too risky for a long, and too risky for a short.
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IF my theory holds true here... and there is no UTAD coming from this higher trading range... We could in theory be flirting with 13k-12k prices before reaccumulation and the drive to new ATH...
Thank you for the very interesting chart with Wyckoff analysis. Wyckoff theory is extremely interesting. Problem with this targets is that nobody believe in it until it happens ;-) I have made some Bitcoin analysis and see also a lot of lower targets between 28000 and 34000. Is that a crazy number? No not at all if sou see where we stood about 14 months ago. 3700 usd for one Bitcoin and now it is still 50000 so that is 13 times higher.
What is the value of a Bitcoin if it was one year ago 3700. Many traders and investors forget too fast the history in Bitcoin price. In the long run it went always higher but the bigger it get the more heavy and it can not sustain this kind of growth. Also the gas prices for payments are extremly high. In that way ETH and others are much better.
But I will follow you because I like new idea's and points of view!
Keep up the great work!
Ersin_ARSLAN
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Is it possible more drop ? What do you think ?
Zulu_Kilo
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@Ersin_ARSLAN, here is what we are looking for to confirm a possible bottom and verify a potential reversal:
What is the value of a Bitcoin if it was one year ago 3700. Many traders and investors forget too fast the history in Bitcoin price. In the long run it went always higher but the bigger it get the more heavy and it can not sustain this kind of growth. Also the gas prices for payments are extremly high. In that way ETH and others are much better.
But I will follow you because I like new idea's and points of view!
Keep up the great work!