This post will highlight Bitcoin's long term price action to the Wyckoff Distribution schematic. At the end I will establish numerous trading opportunities to prepare fro the dump...
Before I explain the near-perfect similarities to Wyckoff Distribution, click the link below to see an image of the phases of Wyckoff Distribution.
View this image and then Bitcoin back and forth to compare each phase.
Wyckoff Distribution Image: www.dropbox.com...27 13.21.38.png?dl=0
I posted this chart on July 9th calling the rise to new local highs, in accordance with Wyckoff Distribution. We pumped, now get ready to dump.
As of the time of writing, Bitcoin is burning red hot around 10500. It shattered the resistance (R1( from the Buying Climax in Phase A.
It also shattered resistance (R2) from UT, the Upthrust. This is all part of Phase C where new local highs are made.
We are completing Phase C as we speak. 10900 is a noticeable resistance from July & September 2019!
Unfortunately, this leads to Phase D where the "Last Signs of Strength" retest each resistance we faced in Phases A/B as support...
Trade Opportunities for Phases D & E
1. SHORT 10900 to 10000, where we will retest R1 & R2 as resistance once again.
2. Potential LONG scalp from Buying Climax (R1) @ 10000 to UT (R2) @ 10500
3. SHORT 10000 to 9300 where first "Last Sign of Strength" will retest S/R area from the middle of the distribution range
4. Potential LONG scalp from 9300 to ~9600 where first "Last Sign of Strength" retests S/R area as resistance
5. SHORT 9600 resistance to 8600 Preliminary Support from Phase A
6. Potential LONG scalp from 8600 to 8900 where support from June's downtrend will be retested as resistance
7. SHORT 8700-8900 to 7800 where Bitcoin found temporary support in its dump on March 10-13
8. Potential LONG scalp from 7800 to 8100 to retest the support established by "Automatic Retrace" in Phase A as resistance
9. SHORT 8100 to 7500 to resistance major S/R from the early days after the crash
If you've made it this far, thank you for reading. I will see you all on the Bitcoin rocket ride to the moon.
#Halving2020
Before I explain the near-perfect similarities to Wyckoff Distribution, click the link below to see an image of the phases of Wyckoff Distribution.
View this image and then Bitcoin back and forth to compare each phase.
Wyckoff Distribution Image: www.dropbox.com...27 13.21.38.png?dl=0
I posted this chart on July 9th calling the rise to new local highs, in accordance with Wyckoff Distribution. We pumped, now get ready to dump.
As of the time of writing, Bitcoin is burning red hot around 10500. It shattered the resistance (R1( from the Buying Climax in Phase A.
It also shattered resistance (R2) from UT, the Upthrust. This is all part of Phase C where new local highs are made.
We are completing Phase C as we speak. 10900 is a noticeable resistance from July & September 2019!
Unfortunately, this leads to Phase D where the "Last Signs of Strength" retest each resistance we faced in Phases A/B as support...
Trade Opportunities for Phases D & E
1. SHORT 10900 to 10000, where we will retest R1 & R2 as resistance once again.
2. Potential LONG scalp from Buying Climax (R1) @ 10000 to UT (R2) @ 10500
3. SHORT 10000 to 9300 where first "Last Sign of Strength" will retest S/R area from the middle of the distribution range
4. Potential LONG scalp from 9300 to ~9600 where first "Last Sign of Strength" retests S/R area as resistance
5. SHORT 9600 resistance to 8600 Preliminary Support from Phase A
6. Potential LONG scalp from 8600 to 8900 where support from June's downtrend will be retested as resistance
7. SHORT 8700-8900 to 7800 where Bitcoin found temporary support in its dump on March 10-13
8. Potential LONG scalp from 7800 to 8100 to retest the support established by "Automatic Retrace" in Phase A as resistance
9. SHORT 8100 to 7500 to resistance major S/R from the early days after the crash
If you've made it this far, thank you for reading. I will see you all on the Bitcoin rocket ride to the moon.
#Halving2020