There's not a large amount of institutional money in BTC. Due to this, I use a loose interpretation of Wycoff paired with Elliot and Fibinocci.
I feel we established a solid floor for potential Wycoff phases to play. I feel we swept the liquidity built by early buyers. While this spring was atypical, it did provide a perfect grab for sellers who believed we would continue deeper. The textbook setup was there, but the volume showed a different story. Just as much buying volume and some last-minute consolidation.
This would be aggressive entry levels, and I felt there was a fake CHoCH to keep sellers fooled. This was a beautiful area for bulls to accumulate. Further proof of this came when the impulse wave began.
I do believe it is too early to draw Elliot waves. I want to see this impulse finish. Should it finish here, I expect us to head back to the ST zone. If note, we continue up to the next high.
I feel we established a solid floor for potential Wycoff phases to play. I feel we swept the liquidity built by early buyers. While this spring was atypical, it did provide a perfect grab for sellers who believed we would continue deeper. The textbook setup was there, but the volume showed a different story. Just as much buying volume and some last-minute consolidation.
This would be aggressive entry levels, and I felt there was a fake CHoCH to keep sellers fooled. This was a beautiful area for bulls to accumulate. Further proof of this came when the impulse wave began.
I do believe it is too early to draw Elliot waves. I want to see this impulse finish. Should it finish here, I expect us to head back to the ST zone. If note, we continue up to the next high.
Comment:
We successfully hit out Scenario A. Wave 2 is rolling!
Comment:
The wave hit quite nicely and ran a bit higher than expected. I am anticipating 23.5k area for the bottom of wave 4.
If bulls take over, we'll likely see the bottom of wave 4 at 27k or a liquidity sweep to 24.5k.
Time will tell.
If bulls take over, we'll likely see the bottom of wave 4 at 27k or a liquidity sweep to 24.5k.
Time will tell.
Comment:
We are working our wave through wave 5 now. A lovely liquidity sweep, as expected, brought us here—two scenarios from here. A) Bulls take over, and we run toward the 40k area. B) We begin an ABC correction to establish a new wave 2 bottom and treat this Elliot cycle as wave 1.
Playing nicely so far.