BitcoinMillio18

BitcoinMillio18 Updated 

Back in June 2nd i shared a P&F chart analysis when it printed a new reversal column. Since then 12 days passed and nothing has changed on that chart, except today it printed another box down! It always amazes me how good p&f charts are at filtering noise. All the excitement, traps, zigs and zags and everything in between means nothing until price moves...

BitcoinMillio18 Updated 

Not much to say, unless we rally up and break above $37k, the next 2 weeks will be a blood bath! What if it does not stop there?

BitcoinMillio18 Updated 

Yes, we all want the Lambo, but first we need to understand where we are and how can we get there. In this monthly chart, i want to walk over the trends. I think the most remarkable event that changed the direction of where Bitcoin was headed, was the hard fork of Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV) back in November 2018. These were the most...

BitcoinMillio18 Updated 

It's becoming clear to me that in a few days, we will have a huge breakdown as the down trend could not be broken and accumulation is invalidated. Price will move in to oversold territory at around $21.850 and a climactic action won't stop there. So, where do you think you can catch the falling knife?

BitcoinMillio18 Updated 

Let's zoom out and look at the whole journey of Bitcoin since 2011 on an Heikin Ashi chart. We might think corrections down to 93% is unreal, but look how possible it actually is. Do you see the pattern? 2011 - 93.61% 2013 - 75.40% 2013/15 - 86.96% 2018 - 84.22% 2019 - 72.02% 2021 - ? Sure, if you look for hopium, you'll find it. With half of Bitcoin network is...

BitcoinMillio18 Updated 

By looking at the volume profiles we can see buying volume and selling volume seperately for a certain price range. When we extract selling volume from buying volume, we can calculate the net buying or selling volumes (i suppose). Here i took the April low as the top of this calculation. On the left, i took the 7 segments for the trading range and the whole...

BitcoinMillio18 Updated 

Here's the deal, As being one of the first trades to point out Accumulation, i've been at both sides of the story. Price being right at the middle of the trading range, it's time to evaluate current situation from both angles. 1- We are in Accumulation. The spring action is being tested and breaking 37k would validate it along with higher highs and lower...

BitcoinMillio18 Updated 

Now that everyone turned bullish, i wanted to analyse the possibility of an uptrend. Let's start; We have seen a higher high (HH) on June 29th at $36.600 following a higher low (HL) which are bullish signs, but notice how the HH felt $650 short from the top of this so called uptrend! It should have made a high at least at $37.253 which was the close of May. It...

BitcoinMillio18 Updated 

Yesterday the long waited break of the so called uptrend was finally broken, but then unexpected things happened LOL :) Let's review the situation: 1- We are still in the sideways trading range 2- We are still in the descending triangle 3- Yesterdays short sellers are now being FOMO'ed in to buying back with a short squeeze. 4- The uptrend is broken AND...

BitcoinMillio18 Updated 

Let's look at pure price delivery. Legend: - Blue lines are Monthly, Weekly and Daily highs. - Red lines are Monthly, Weekly and Daily lows. - The thinner the lower timeframe - Green lines are supply downtrend from different highs. Resistances: 1- $35.750 is the old weekly high as the first strong resistance 2- $36.600 is the highest daily breach of the old...

BitcoinMillio18 Updated 

I'm always keeping an eye on the p&f chart as it's one of the main pillars of wyckoff method and we got our new downward column as we entered in to 32k territory. You may say we have recovered and held 33k and it was just a wick. A wick is still weakness and p&f chart created the new column to be confirmed at the day close. This new column, if persists and beaks...

BitcoinMillio18 Updated 

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...

BitcoinMillio18 Updated 

I hate to post bearish sentiment as i'm a Bitcoin only guy. But i was looking at a macro level volume profile starting from covid crash last year. Now that life is getting back to normal with vaccines and etc. Bitcoin CAN also get back to it's previous state, which was the $10k. The volume profile measures the volume at a given price level. Here you can see the...

BitcoinMillio18 Updated 

Hi all, There's just one day ahead of monthly close and right now it's all about that close. If we manage to close at $37,253, we will get a doji candle on the monthly chart and then a pull back makes sense. I bet we will pump at the last hours to get this, just like the past few candles. It looks so engineered to me, given the empty volume candles. I don't like...

BitcoinMillio18 Updated 

Hi Bitcoiners, Today, i want to take a look at P&F chart as it filters out most of the noise in price action. Notice how the volume was lower during the rally at the same price than our current volume. This alone indicates whales and institutions are net selling, each day, slowly. But, let's say we are in accumulation and we will go up. Then here is the list...

BitcoinMillio18 Updated 

So, today's price action was amazing. Here are my take aways: 1- Price fell 7.37% ($2.300) below the trading range. It seems a bit much considering the tiny upthrust. = Bearish 2- Price fell below preliminary support and made a new low = Bearish 3- Monthly support was breached = Bearish 4- Volume is dropping while price increase (divergence) = Bearish 5- RSI...

BitcoinMillio18 Updated 

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.

BitcoinMillio18 Updated 

Hi all, I've added 2 redistribution scenarios to my analysis. As you can see accumulation and redistribution structures on Phase B are almost identical. The only change here is the labelings and exit of the trading ranges. Here are the facts that support redistribution 1- Volume decreases on rallies and increases on reactions!!! It should have been the exact...