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dee718
Dec 6, 2020 12:14 AM

BTCUSDT 05 DEC 2020 (market-cycle template/lomg) Long

Bitcoin / TetherUSBinance

Description

If you are in an uptrend (use the daily) you are going to look for a few key identifying factors for re-accumulation.

One of the most useful ways to know the re-accumulation cycle ongoing is when an RSI set at 7 is below the axis level of RSI (50 level).

If you are familiar with Wyckoff you want to look for your spring below axis (below 25-30 level even better).

This is just one piece.

It's not only RSI below axis. We also want to see a convergence with at least one additional target. Targets being EMA's, FIB, lower half of trend channel, demand trend line and Support (or a combo of these).

We also need to see the appropriate volume to confirm initiation of re-accumulation. (stopping volume, climactic volume).

The current situation shows BTC playing around this 20K ish level. It looks like they are taking profit. Its still an uptrend so I am still looking for re-accumulation. Because price is pretty high I want to see what happens here and how the market handles 19-20K in addition to all the US politics,Holiday season, financial news ETC.

Not a bad tactic to keep the risk light when there is all this push and pull going on everywhere.

But if you are going for it... BUY LOW/SELL HIGH!

Comment

Mark-up phase will initiate below 50 on RSI.
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