CCI, RSI, Stochastic RSI, all three looked like a bit of a pump as a minimum in the previous recent occasions.
Furthermore, I draw what i think it could be a possible Wyckoff pattern in the next few weeks and months.
Well, the time has come for Elrond to take a direction in the market.
We are seeing it very close to get out of the falling wedge on the USD pair, and it already did on the BTC pair.
What do you guys think?
So, have a look at my EGLD vs BTC idea linked below? We reached 0.618 retracement there, finally.
And in this chart vs USD, we have reached the lower line of the long ascending channel. The wedge broke to the downside, but there are many cases of this type of breakout where people panic sell and then it stays sideways for few more bars and come back up fast. A...
I did an idea long ago about following the GOLDEN crosses. It is linked below.
While that Idea is not going to fully work, I think it is inherent to what is going on in this cycle. It is lengthening and BTC is as well having a loooong sideways behaviour, between 35-65K. More and more we will see this, in no way we will go to moon in a week :)
So this is just...
Well, we have many confluences here for support, but also for the target of this ascending inverted head and shoulder pattern.
If we get out of the descending wedge we are in, it make sense that we could get to the top of the channel, and then the target of that H&S coincides pretty exactly with the 1.618 Fibonacci extension level. We need a much higher bullish...
I am applying the same technique, with different parameters, to my idea on $BTC that is linked below. Please read it!!! it is explained sufficiently well so you can replicate in your own chart and zoom in.
The red price balloons are the worst i think it could happen in a wick or a prolonged down movement... worst worst scenario that i don't believe will happen,...
0. Read this great series on Andrew's Pitchfork www.optuma.com
1. Set timeframe to weekly and Y axis to log.
2. Configure a level-colored bullish pitchfork (schiff) on points P0, P1, P2. I activated the lines: 0.618, 1, 1.272, 1.618, 2.618, 4 and 5, where I detected S/R levels. There are many more options, of course.
Not that bearish, but full of fear.
If everyone expecting great 2022 would see BTC not able to run up the first 10 days and actually going to the low 40Ks, it would be the end for many.
Then and only then is when we would see the big longs coming.
I did an update to the 0.618 retracement that we are experiencing right now. I corrected the top levels to the yellow ellipses, which makes more sense. I cleaned up a bit the mess and marked some blue levels on the down side.
So more consolidation for another 10 days or so? Then we party.
Yet another possible Wyckoff scenario that is taking shape.
I think this one is very feasible. Choppy scenario during Christmas, Omicron and all the stuff. In January we see the light.
HODL and buy dips.
My third update today, I am feeling strong (and dizzy).
I complement the previous idea of following the golden crosses with new possible patterns regarding previous ATH retest.
My target continues to be 0.886 extension level.
This is an updated idea of the fractal after seeing the dump.
Some of you guys complained of what happened, the dump. I submit ideas, I am not a financial advisor or magician. I learn while doing TA, as any one, but I don't assure any result.
Happy to see some of you submitting or challenging ideas and commenting! That's enriching always.
I just support the...
I was asked to update this idea. I actually did some new analysis now that i re-study the chart again. Every time I look at it, I see new things (or maybe less...). I will also upload a new one for EGLDUSD that complements what is suggested here.
My suggestion here relies on Fibonacci levels and in different repeated phases i am seeing according specially to...
A more positive idea, seeing the bullish divergence playing out. If EGLD is able to keep the recent low volume of sellers and make a relevant higher low...
Quoting some parts of the original article where they suggest this Wyckoff schematic of Gradient of Rising Bottoms at the very end of it:
"Richard D. Wyckoff and his Associates time and again pointed out...
Just an idea, not saying it will happen:
If BTC is not able to keep the diagonal 0.618 of the schiff pitchfork and the H&S pattern and/or the bear flag occurs, then we will be probably re-testing for the first time the lower darkblue line of the schiff for BTC.
It need at least to close the day and week above 49500, and this can definitely happen.