Buy to sell. NFP might form the SOW and take out buy side liquidity
With the 34600 break through, we got a strong jump out of previous zone, the increasing bar length and volume showed us there maybe the time to turn into bullish market. But the next pattern looks like a second test in redistribution. This is 4h chart, and the daily chart looks like a Short of Thrust. I think, it is a bull trap, good time to short at 40500,...
I wasn't expecting this move, but that's what Bitcoin does :) Last time we were at $40k, i sold all my Bitcoin and exited my positions. Even this mega short squeeze didn't reach my exit levels, so i'm still in profit and have more purchasing power. This could change ofcourse and when it does i won't hesitate to go back in. Let's review what we have now; The...
We are all obsessed with the direction of price which we can't control and don't care enough attention to what we can control, such as our position sizing and action plan if the certain targets are met. That's why i'm always providing my bullish targets and i'll review these on a weekly perspective. We just got a pump on the last 2 hours before daily close with...
Let's look at the overbought area and the bull trap in the making. With "the talk" is now over, price started struggling to cross above the old weekly lows and got rejected twice as a sign of weakness. Coincidentally few days before "the talk", JP Morgan unleashed their customers from buying GBTC crypto funds. Is this the demand we were waiting for? In other...
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?
Accumulation and Redistribution always looks same until one side is broken. Schematics may mislead us. Just looking at the textbook wyckoff schematic and trying to fit it in the current price action makes no sense at all. Both accumulation and distribution can come in infinite ways. So we should look at the rallies and declines, in our case I choose...
TOTAL completed a death cross and anyone bullish is surely confused hodl-plankton waiting for the tide to wash them away until next season. Re-distribution dissected by 200ma. No need to draw ICE.
Ok so this may be the umpteenth re-distribution / accumulation you've seen by now and perhaps gritting your teeth at the sight of another, but having compared BTC with some re-distribution charts, it seems to fit best and perhaps more useful then EW counts - we'll see. Essentially the formation seems to have 2 distinct areas with "ICE" the separation, where in...
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...
BTC has been forming a structure that looks more like an accumulation. I want to believe it is in a re-distribution phase and hence its going to fall. I would look to be a seller between 35200 and 36140. With good risk management that should not be a problem incase it decides to fly. Watch zones between 35200 and 36140 to enter for a short position
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...
Update on my last Wyckoff Post I have linked below, we are still floating above the Weekly Support (Green) area but underneath Tesla average buy price. Failure to stay above 35800 is a Sign of weakness for me in the short term. Also there's a clear Bear Flag structure there. This is my rough plan for now I am hedge short but looking for another sound long term...
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...
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...
Lots of TA guys that apparently very recently found Wycoff theory seem to think that we are in Accumulation after just a single markdown and I don't see the case for that currently. A period of long term accumulation will lead to a mark up and then a consolidation in reaccumulation. Likewise when things begin to step down there is a distribution, markdown, and...
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...
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...