04 Jul '21: BTC Preparing for Launch [Wyckoff]
Bitcoin fell to support around USD30K in May, and has been consolidating in what appears to be a textbook Wyckoff accumulation.
On the 1D chart, bullish divergence has shifted to bullish with no divergence. As long as $30k holds, I anticipate a Spring move up into the $40Ks in the next one to two weeks. Higher targets should follow over the next two to three months.
Entries from $33,600 to $34,200 should be profitable in this scenario. Initial stop loss at $33,300. If the first SL fails, look for re-entry around $31,600 with a SL at $30K. Targets are as shown on chart. A new ATH is not out of the question by EOY, and at this point, I'm expecting a Q4 pump with an upper limit of $100K.
If $30K breaks, we could be in for a bearish, crypto winter later this year, but as we have accumulated for approximately 1.5 months, I have turned bullish on BTC again.
On the 1D chart, bullish divergence has shifted to bullish with no divergence. As long as $30k holds, I anticipate a Spring move up into the $40Ks in the next one to two weeks. Higher targets should follow over the next two to three months.
Entries from $33,600 to $34,200 should be profitable in this scenario. Initial stop loss at $33,300. If the first SL fails, look for re-entry around $31,600 with a SL at $30K. Targets are as shown on chart. A new ATH is not out of the question by EOY, and at this point, I'm expecting a Q4 pump with an upper limit of $100K.
If $30K breaks, we could be in for a bearish, crypto winter later this year, but as we have accumulated for approximately 1.5 months, I have turned bullish on BTC again.
Comment:
A broader market selloff has pushed this just a little lower than my initial buy-in level, but I still believe in this trade as it holds between my first stop loss and the lower support marked in the chart.
Trade closed: stop reached:
That broader market selloff is threatening to take out this trade. If we break down from here -- and I think that's highly likely at this point -- we'll see mid-$20Ks. Will re-evaluate then.
Comment:
Should have stayed in, as the dip was only a little more severe than anticipated. Maybe a ploy to run out those who had $30k as a hard stop?
Otherwise, so far, my lines have been on the money.
Otherwise, so far, my lines have been on the money.