Composite Man loves tricking us. We were expecting a secondary test (ST) but it gave us a spring and wanted us to think this was the bottom. In fact what he gave us was a bear trap!
How do we know this wasn't the spring we were looking for? By looking at the volume. The reason these shakeouts are made is to make sure supply is exhausted. When it happens we should...
Bitcoin is stuck inside of the bearish descending triangle right at the intersection of supply trendline and the weekly support / resistance. I will wait until it breaks above or collapses down. I don't trade inside of a bearish descending triangle.
It reflects the whole idea of a potential accumulation zone of 42-30k, which was put forward as the main one on June 4.
Very often I consider different models, both analysis and trading charts.
I can say that according to this model, the levels of $ 30,000 and $ 32,000 act as a large reference support zone
Secondly, if you notice on the daily timeframe, the...
BINANCE:BTCUSDT
Putting the Wyckoff Accumulation pattern in the context of live charts with horizontal support/resistance and cloned trendlines .
Price has been tracking nicely since the Spring Shakeout on Jun 22 2021. Figured I'll publish this to use as a guide for trading entries if price continues to track it.
Source: @bbrijesh
Huge accumulation during a consolidating market on BTC since the impulsive sell off caused by liquidation of over leveraged positions. Huge Bearish wick to downside was a last effort push to the downside to liquidate Longs under previous lows (grab liquidity) before a continuation higher.
Phase D is about to begin
See...
Hello everyone, rouzwelt here
I'd like start by saying things in crypto market have not been going good lately in last couple of months as we all know and after the massive sell off that happened in quite short time (a week), many got wrecked and market hit was painful. After that we entered the 30/40k area, the area which at begging everyone was speculating...
Here I drew what Wyckoff's accumulation model could look like if applied to Bitcoin.
We have clearly had Phase A with the initial drop, automatic rally back up and secondary test. We have bounced around for a while in a range in Phase B, also with a secondary test.
I believe we are in Phase C, with the spring completed, being the absolute bottom of this...
I think taking a look at the past is one of the best ways to predict the future. History repeats itself over and over again.
Wyckoff always emphazised Volume as the best Indicator. He also challenged us to ask ourselves "what is the composite man doing right now?"
I think he was spreading FUD like crazy, while accumulating
Phase C
Remeber what the Spring aka...
Was this our Wyckoff spring? Looking at the Wyckoff accumulation schematics and I have mapped out the events on this chart.
Many are calling bear market, potential drop into distribution, etc. So much FUD and negativity at the moment.
Personally I HODL and wait. Looking forward to Alonzo upgrade and smart contracts. ADA has a bright future ahead.
It isn't too late to get in on this. I see another possible sell entry at bottom of this distribution range, which will be greater confirmation. I just don't see price giving up all of that liquidity (green arrow with $ sign). If the institutions behave like, well, institutions, they will drop to take all that money and can quite possible give a 1:9.
