GreyPool

GreyPool

The Wyckoff distribution setup has been in the making for over a week since March 31st and the breakout to the downside appears to be in progress A drop to 54K is likely and a further move to 51K is possible

GreyPool

The re-accumulation that has occurred in the past 4 days in BTC appears to be fully developed and an upward breakout is in progress If upward momentum continues the next major resistance area is approx. 37k; there appears to be a clear path from the current price to that level

GreyPool

Another Re-Accumulation Between 37k and 40k pretty much guarantees a move above 40k and re-establishes the strength within this market At these previously unexplored heights we cannot rely on old price performance to determine where the next potential resistance area is - this is why psychological levels are more important than ever. If 40k is bypassed the next...

GreyPool

With significant strength in the immediate and medium-term background and an overall upward trend BTC is re-accumulating in the 30k to 35k range There is no strong sign of distribution yet in this rally and a break of 35k seems imminent

GreyPool

There is still a strong uptrend and strength in the immediate background, however it seems the composite operators (smart money) intend to push prices lower to get a cheaper re-accumulation zone

GreyPool

The Last Point of Support seems to have occurred on the 1hr chart of BTC above the most recent accumulation channel Next major resistance is at 19500

GreyPool

The re-accumulation is a sign the recent retrace in BTC is short-lived Wait for LPS as confirmation before a additional long entry

GreyPool

This is cool, the last minor distribution range and the newly forming re-accumulation range in BTC as back to back Looking for a Jumping Across the Creek (JAC) and/or Last Point of Support (LPS) next to break the 19700 resistance level

GreyPool

Expecting shorts to be in control in the next couple days at least down to 18k It appears to be a relatively small correction, the major, overall trend is still up

GreyPool

Re-Accumulation Beginning in BTC

GreyPool

Once price retraces to the top of the accumulation zone (LPS) and the test confirmation is successful BTC should bounce to 20000

GreyPool

The inability of price to break the 18900 level suggests a sharp move back down to at least 18000 is likely If 18000 doesn't hold the next stop is 17k

GreyPool

Break of 15800 Resistance Imminent, next stop is 16440 Today's close completes a reversal on the Daily which is a powerful signal and reconfirms the move up to 17000

GreyPool

Unobstructed Buying

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A break up to at least the next resistance area of 14300 is likely within the next couple days A strong climactic signal reversal within a few Daily bars at a resistance level is usually a sign it is permeable and will soon become support

GreyPool

Breakout in progress and a subsequent LPS likely to follow in BTC after re-accumulation

GreyPool

If 12920 holds expect an immediate upward movement and climactic down bar If it is broken the next major support area is 12780, if the market finds support here it will likely re-accumulate afterwards in range trading for the short-term However, if 12780 breaks we could be looking at a sustained down move

GreyPool

The climactic down bar and subsequent wedge created during the accumulation phase in March is almost identical to the one which formed in the past month It is likely that we'll see the same range market and re-accumulation now after the breakout Don't be tempted to short even though there will be shorting opportunities they will be short-lived, this is the time...