Last week I blasted out my own take of what was happening in the Crypto Market. Specifically with a variation of this BTCUSD chart. I began to explain the bubble what caused it, and most importantly what this pop will look like. A delightful follower send me to look at the Wykcoff Method, which led me down a rabbit hole that really allowed me to zero-in on this charting.
Wykcoff is one of the pioneer fathers of technical analysis. I'd say it would be worth your time tk check out some people explaining how to works. I happened to discover this on my own, but the Wykcoff method explains this "above trend" maneuver that showed some serious deviations from my original chart.
Here we see that the combination wedge broke out earlier this week, which really devastate my original idea but, now with the new findings of Wykcoff and his method of analysis. We see that there is a definite confirmation of my original hypothesis.
We see a break out, which is the market attempting to turn around, and find a new price zone (comprised of micro supports and resistances). This trading zone is essentially the peak to peak of any consolidation, which eventually meets a decision of continuation or denial. We saw a large denial.
The first denial happened after the first peak, which tapered off quite elegantly. But the second top, blew the price to pieces. Elon Musk saw this and tweeted about it moments after the technicals made that pivotal turn. (Remember Elon is a genius, and also a business man. He is also trying to move the process faster by making tweets that will eventually bring our prices back up to very delightful levels. He also can't give you trading advice ever. He tweets after technical points, because its proven to shorten consolidation periods.)
In the Wykcoff Method, the second drop is the most important, it verifies the actual consensus from buyers, because we can't assume trends until something happens twice (double top/bottom)
Lastly we went for a second retest, that arguably was the nail in the coffin that showed investors just how strong the bears are. Longs didn't make it near their original double-top levels and only made a small impression on 1D charts.
SwayzePunkz is short on the entirety of CIX as unfortunately for now, there isn't much deviation from BTC and CIX. These price levels will return, but we need to hit the bottom before we think about that. We are placing price targets for End-Of-Week at 28k, and 1week price targets at 21k. Lows could bounce off as low a 18k before we get back into a bull market.
Thank you, as always trade with your charts, not your emotions. Keep it real and let me know what you think!!
Wykcoff is one of the pioneer fathers of technical analysis. I'd say it would be worth your time tk check out some people explaining how to works. I happened to discover this on my own, but the Wykcoff method explains this "above trend" maneuver that showed some serious deviations from my original chart.
Here we see that the combination wedge broke out earlier this week, which really devastate my original idea but, now with the new findings of Wykcoff and his method of analysis. We see that there is a definite confirmation of my original hypothesis.
We see a break out, which is the market attempting to turn around, and find a new price zone (comprised of micro supports and resistances). This trading zone is essentially the peak to peak of any consolidation, which eventually meets a decision of continuation or denial. We saw a large denial.
The first denial happened after the first peak, which tapered off quite elegantly. But the second top, blew the price to pieces. Elon Musk saw this and tweeted about it moments after the technicals made that pivotal turn. (Remember Elon is a genius, and also a business man. He is also trying to move the process faster by making tweets that will eventually bring our prices back up to very delightful levels. He also can't give you trading advice ever. He tweets after technical points, because its proven to shorten consolidation periods.)
In the Wykcoff Method, the second drop is the most important, it verifies the actual consensus from buyers, because we can't assume trends until something happens twice (double top/bottom)
Lastly we went for a second retest, that arguably was the nail in the coffin that showed investors just how strong the bears are. Longs didn't make it near their original double-top levels and only made a small impression on 1D charts.
SwayzePunkz is short on the entirety of CIX as unfortunately for now, there isn't much deviation from BTC and CIX. These price levels will return, but we need to hit the bottom before we think about that. We are placing price targets for End-Of-Week at 28k, and 1week price targets at 21k. Lows could bounce off as low a 18k before we get back into a bull market.
Thank you, as always trade with your charts, not your emotions. Keep it real and let me know what you think!!
