BTC: possible swing high to 18.5k, watch out for SPRING event.
I will be trying to play the swing high on this leg up.
Please note that we are STILL in a short term bearish correction, but a LONG term bullish parabolic move.
This is what I believe our new accumulation trading range is setting up to be to give us our first swing high of the move down to 13k-12k price region.
I will caution you guys that playing the swing trades on BTC CAN be difficult. NEVER EVER enter a high margin trade above 10x max... The Wyckoff phases can be tricky. But the chart represents what I think should happen roughly...
I am (for now) favoring a SPRING event to happen in this accumulation trading range for a couple of reasons:
-That should complete our 1.618 fib extension from the lowest/highest price swing from previous distribution area.
-This is a bearish leg of an accumulation zone, so we should expect stronger impulsive moves down to reach demand areas.
Once again, a spring event in Wyckoff is NOT an automatic guarantee, much like a UTAD is not a guarantee for distribution trading ranges (as we saw in the previous higher distribution trading range).
Play your margin trades SAFELY, do not go into it thinking price will or will not do an event in a Wyckoff range. Do NOT overleverage yourself.
***IF WE DO HAVE A SPRING, OUR TARGETS FOR LONG TAKE PROFITS WILL LIKELY CHANGE BECAUSE IT INVOLVES A LOWER LOW***
I'll be monitoring price action throughout the day and updating as needed.
Please note that we are STILL in a short term bearish correction, but a LONG term bullish parabolic move.
This is what I believe our new accumulation trading range is setting up to be to give us our first swing high of the move down to 13k-12k price region.
I will caution you guys that playing the swing trades on BTC CAN be difficult. NEVER EVER enter a high margin trade above 10x max... The Wyckoff phases can be tricky. But the chart represents what I think should happen roughly...
I am (for now) favoring a SPRING event to happen in this accumulation trading range for a couple of reasons:
-That should complete our 1.618 fib extension from the lowest/highest price swing from previous distribution area.
-This is a bearish leg of an accumulation zone, so we should expect stronger impulsive moves down to reach demand areas.
Once again, a spring event in Wyckoff is NOT an automatic guarantee, much like a UTAD is not a guarantee for distribution trading ranges (as we saw in the previous higher distribution trading range).
Play your margin trades SAFELY, do not go into it thinking price will or will not do an event in a Wyckoff range. Do NOT overleverage yourself.
***IF WE DO HAVE A SPRING, OUR TARGETS FOR LONG TAKE PROFITS WILL LIKELY CHANGE BECAUSE IT INVOLVES A LOWER LOW***
I'll be monitoring price action throughout the day and updating as needed.
Comment:
So we did indeed go a bit lower. But I also believe that it was to stop loss all the people that saw the trading range that developed. They moved the goal post a bit further down to short trap everyone... BTC likes to do funny business like this all the time.
Either way I believe that buying will happen here regardless and a trading range will set up. I didn't end up doing my stop loss right at the lower low, and possibly for good reason.
I expected people to stop loss there and enter shorts, which is a perfect short trap setup.
Either way I believe that buying will happen here regardless and a trading range will set up. I didn't end up doing my stop loss right at the lower low, and possibly for good reason.
I expected people to stop loss there and enter shorts, which is a perfect short trap setup.
AS LONG AS WE DO NOT MAKE A LOWER LOW, we are still on target.
If we do make a lower low and go below the previous low swing, close the long trade and wait for the next opportunity.