ProwdClown

Analyzing OMGBTC - BINANCE to Try to Determine Which Wyckoff...

BINANCE:OMGBTC   OmiseGO / Bitcoin
...Accumulation Schematic we are following.

Copied and pasted again in case TV scrunches up the chart on initial posting.



Here is a link to an image of Wyckoff Accumulation Schematic #2: https://imgur.com/945poSJ

I want you to find the Accumulation Schematic #2 in this link to "Basic" teachings of Wyckoff Methods: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method and follow it to a tee.

Another chart with indicators included coming up shortly...
Comment: The purpose of this chart is for viewing "indicators only." NOT the price action and text bubbles with the chart on the price action.

Comment: Keep in mind, this could go up higher. Hence, the "???" on Automatic Rally and PS (Preliminary Support).
Comment: Still looking like this one "might" come down more. How much more is unknown.

Comment: I'm expecting OMG to also come down to establish a SECOND support line as well. Doesn't mean we have to. I'm simply expecting it.

Comment: Previous chart was a 2-Day TF; here is a Daily TF with original text bubbles left on the chart to allow you to see the progress since I first created this publication.



I believe the 2-Day TF gives a more accurate presentation of progress with price movement with WHERE it is located during its progression in regards to a Wyckoff Price Cycle: https://www.youtube.com/watch?v=SEU1gnV_iGU
Comment: A Wyckoff Price Cycle is also mentioned in this publication. You will need to scroll down just a little to see it: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method
Comment: 2-Day TF Update:

That's hell of a wild guess, let's see how it goes, I'm HODLing
Reply
@JoE,

It could do similar to DECRED and take off without establishing a 2nd support line. Not many do though. Most come down to establish a 2nd support line. Especially, if they're an ALT/USD pair. However, this is an ALT/BTC pair.

Yes, we'll see how it plays out over the month of February.
Reply
thanks!
+1 Reply
@spammme,

You're welcome
Reply
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