BTC has had a nice run up after support was found in the $40k region, with us posting a nice % gain from my previous analysis.
Fundamentally, crypto remains extremely bullish. However, as we look to close this trading week I have reduced my positions significantly with anticipated turbulance in the coming days.
With so many traders currently holding profitable...
After reaching the target of 52K in my previous analysis (see links below), I had exited my trades before we entered the next phase of the wykoff schematic.
As you can see, we are forming the perfect fractal to what we had seen in May.
At present, BTC finds itself in a near perfect accumilcation zone, in my opnion. As we are only human, finding the exact ...
Bitcoin bounced perfectly off of the 46K accumilation zone covered in my previous ananlysis.
We now find two rounding formations with a signficantly large bearish divergance occuring on the higher time frames.
My plan is to keep an eye on the trend lines covered in this analysis, with the hope of a bullish breakout of the bullflag BTC is currently contained...
BTC currently finds itself in a rising wedge, whilst simultaneously forming a round top, similar to what we saw in February but on a smaller scale.
We also appear to be entering great accumilation zone once more, however, as we continue to travel higher into the rising wedge, I grow increasingly cautious due to the bearish nature of this formation.
We are approaching a breakout of the wedge formation BTC finds itself in.
I will be taking profit or reaccumilating depending on the direction the market decides to take.
Accumilation 1: <47.5K
Accumilation 2: <46.5K
Bitcoin continues to trade perfectly in a rising wedge pattern.
We have now entered the 2nd accumliation dip.
No reason for concern unless we break 43.7k, at which point, I will reduce my position and look to renter once stability is found.
This is my personal plan.
Should we continue to trade within this wedge formation, I will be taking profits in the areas marked in red, and reaccumilating in the areas marked as green.
A bullish break to the upside of the wedge will render this analysis void.
BTC has hit my upper tagrget of 43K.
In recent weeks, weekends have proven to be most volatile for BTC and often to the downside.
Personally, I have taken profits and will be looking for a rejection or breakthrough of the resistance line in question.
A rejection will see a restest of 42k, at which point I will continue to build my long positions cautiously.
Failure to re-enter the wedge formation could result in a continuation of the bearish break down to to 38.8K, a further break of which would take us down to 37k.
Long term I am extremely bullish on BTC, but in the short term if this plays out successfully it could result in a great opportunity to accumilate further.
As depicted by the chart I have created, BTC finds itself in 3 macro trading ranges.
Each range should be approcahed differently.
BTC is currently entering the oversold region of the chart, signalling that it is time to accumlate.
BTC's fundamentals remain strong with continuous news of insitutional adoption. Weak hands that sell in the days to come will be...
Bitcoin is has been rejected perfectly from the intial target of 55-56k. It is to be expected that bitcoin will form a higher low, before making it's continued move to the upside.
Please view my previous post for your information.
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The price of Ethereum (ETH) is increasing at an exponential rate - parabolic. A curved trading range has formed that can be used to determine the possible boom & busts of the asset.
SHORT/TAKE PROFIT: When in close proximity to the RED trend line.
LONG: after a confirmation bounce from green trend line.
STOP LOSSES: When a significant break of the parabolic...