IT´S YET AGAIN ANOTHER FALSE BREAKOUT ON BITCOIN(Maybe the last)

So China news came out, everyone feeling like a record rally since 2017 is set to change the whole bearish structure since the start of the summer... Guess what. Drawdown will go up for many of whom goes long before price begins to do higher lows & higher highs.

People are obsessed saying fundamentals move the price of Bitcoin every day. FAR FROM THE TRUTH.
It definitely moves altcoins along price levels, specially the ones linked to China like Tron, OmiseGo, etc... the releaseof the Chinese news impacts directly on the projects, same happens to them coins. But, according to Bitcoin´s price action, any gigantic news from the cryptoworld barely has any effect on it. At least not important for a day trader using timeframes from H1 to weekly.

Are you fundamental crackheads really trying to say that the start of this last weekend rally on Bitcoin, where price bounced off from a 50.0 % retracement + "high priority" demand line + lower line of a falling wedge + HUGE bullish divergence on simple price oscillators is simply because China is set to develop a whole new Blockchain environment ?

According to Wyckoff analysis, when composite operators begin a campaign to accumulate shares, contracts, etc., what happens inside consolidation periods or trading ranges cannot be analyzed without volume spread analysis. Here comes an updated H4 chart of BTCUSD :

Last weekend´s rally has been planned since the 24th September´s breakdown!!

Conclusion.

Only expect Bitcoin to be bullish again above $10,000 / $11,000, and even before reaching these price targets a sequence of easy-eyed higher highs + lower lows with specially growing volume on bull candles closing at its highs shall be mandatory fro longs. According to Elliott analysis, a new bullish cycle could be on its way soon. Just try not to jump in early and wait for corrections on low volume and bullsih price action confirmation at the end of these setups.

Have a good week everybody, happy trading and be safe !!

@Mikephicc

Trade active:

So far so good, moving down towards the 50.0% level again and even lower to reach the demand line of the falling wedge. Safe trades people.

Comment:

We just keep on going. If volume doesn´t increase on the way down throughout the upcoming weeks, breakdown of the falling wedge seems possible. For the moment we just hit the demand line and mining difficulty just reached 2%, pretty bullish signals anyway.

Trade active:

New back-up to the ice at the resistance level ($7,800) pinpointed at the low of the selling climax of the re-distribution range (between $8,800 and $7,800) which started in September 27th following the larger distribution range formed during the last 2 quarters of 2019.

Preparing now for the next move down !!

Comment:

* which started with the September 27th breakdown of the larger distribution range I plotted from the first image formed during the last two quarters of 2019.

Sorry for that, hard to explain sometimes.
Nice trades everybody !

Trade closed: stop reached:

Stopped out at $7,800 after today’s bullish action. Pretty nice profit have to say !

Cheers everyone, take a close look at the recent accumulation progress, it may be the perfect timing for a new rally to the highs. Peace out !!