BTC in Wyckoff range - why 16500 is TOP before bears are upon us
We have been in a long now for a while, earlier I tried to see about making a small short position happen, but I was stopped real quick due to price action continuance. Which is all fine, just stuck long this entire time and it has been CRAZY profitable, with more to come!
First things first before we talk about the main chart... Let's talk about the why I believe that 16500+- is going to be the top for out year long bull run.
Well first off, I realized that Bitcoin has been doing nothing but setting up a really huge Wyckoff distribution trading range since the ATH of BTC in 2018... That marked it's buying climax phase. The phase immediately afterwards was the Automatic Reaction, which was the low around 3200 in 2019, we are now setting up for the next stage (Secondary Test) before a very steep and strong dive BELOW the lows of 2019.
Yes... You read that right... We will be going LOWER than the lows made during the huge drop down to 3200. I predict somewhere around the low 2k region. This will be the sign of weakness, and from that point on, I predict a strong climb to a new ATH, in the $40000+ price points.
Here is why I think that the ST ends at 16500.
If you see the second chart I added, you will find that we seem to be ending wave C, or a corrective wave... And it looks to be a regular flat! One of the unique features of a regular flat is that we know typically where they end. They are 90% of the start of Wave A, which means all you have to do, is measure from the AR back to the buying climax, and the 90% retracement IS the end of Wave C.... Which will be upon us soon.
SO...
Back to the main chart.
We should see a small drop here, price will mostly be in a fairly tight range ($200-$300), but I am expecting the Secondary test of our trading range to go up to near the 15850 area before we go diving deeper into SOW at possibly around 14700. We should start seeing some heavier action once there, and will begin our last phase of our Wyckoff model. I do expect to hit near 16500 during the upthrust phase... Followed by a likely DEEP dive.
Don't miss that chance to get the short position of the YEAR! I'm talking about dropping from 16500 to 2100....... Think about that! At a 10% margin, even if you throw $100 in there, that will end up being some CRAZY money a year down the line.
And that's that folks...
Look for volume spikes, they should be dead giveaway on when we make turns in each phase.
First things first before we talk about the main chart... Let's talk about the why I believe that 16500+- is going to be the top for out year long bull run.
Well first off, I realized that Bitcoin has been doing nothing but setting up a really huge Wyckoff distribution trading range since the ATH of BTC in 2018... That marked it's buying climax phase. The phase immediately afterwards was the Automatic Reaction, which was the low around 3200 in 2019, we are now setting up for the next stage (Secondary Test) before a very steep and strong dive BELOW the lows of 2019.
Yes... You read that right... We will be going LOWER than the lows made during the huge drop down to 3200. I predict somewhere around the low 2k region. This will be the sign of weakness, and from that point on, I predict a strong climb to a new ATH, in the $40000+ price points.
Here is why I think that the ST ends at 16500.
If you see the second chart I added, you will find that we seem to be ending wave C, or a corrective wave... And it looks to be a regular flat! One of the unique features of a regular flat is that we know typically where they end. They are 90% of the start of Wave A, which means all you have to do, is measure from the AR back to the buying climax, and the 90% retracement IS the end of Wave C.... Which will be upon us soon.
SO...
Back to the main chart.
We should see a small drop here, price will mostly be in a fairly tight range ($200-$300), but I am expecting the Secondary test of our trading range to go up to near the 15850 area before we go diving deeper into SOW at possibly around 14700. We should start seeing some heavier action once there, and will begin our last phase of our Wyckoff model. I do expect to hit near 16500 during the upthrust phase... Followed by a likely DEEP dive.
Don't miss that chance to get the short position of the YEAR! I'm talking about dropping from 16500 to 2100....... Think about that! At a 10% margin, even if you throw $100 in there, that will end up being some CRAZY money a year down the line.
And that's that folks...
Look for volume spikes, they should be dead giveaway on when we make turns in each phase.