BITCOIN. SCENARIO #1 - Strategy for bulls
Bitcoin is highly correlated to the stock market. The market has shown demand and potential to retest the high, but bearish news could negatively impact the S&P in the next week, so we want to be prepared for both bullish and bearish scenarios (see post BITCOIN. SCENARIO #2)
Analysis: Demand is still present at the upsloping support on Bitcoin, BUT THIS IS A HIGH-RISK POINT. Bulls must defend the support line. We want to see more testing. -here we show the ideal scenario for bulls: further testing on higher highs on decreasing supply signature and volatility, followed by bullish confirmations to the upside.
STRATEGY: WAIT FOR TESTS AND BREAKOUTS TO THE UPSIDE. WHEN BOTH DEMAND AND SUPPLY SIGNATURE ARE DECREASING, THE BEST STRATEGY IS TO WAIT FOR A BREAKOUT.
FAILURE: the tests show lack of demand, the support line breaks.
Join us each Thursday for a discussion of the cryptocurrency market from a Wyckoff perspective
https://www.youtube.com/watch?v=lNp6y0j1aZc&t=532s
Analysis: Demand is still present at the upsloping support on Bitcoin, BUT THIS IS A HIGH-RISK POINT. Bulls must defend the support line. We want to see more testing. -here we show the ideal scenario for bulls: further testing on higher highs on decreasing supply signature and volatility, followed by bullish confirmations to the upside.
STRATEGY: WAIT FOR TESTS AND BREAKOUTS TO THE UPSIDE. WHEN BOTH DEMAND AND SUPPLY SIGNATURE ARE DECREASING, THE BEST STRATEGY IS TO WAIT FOR A BREAKOUT.
FAILURE: the tests show lack of demand, the support line breaks.
Join us each Thursday for a discussion of the cryptocurrency market from a Wyckoff perspective
https://www.youtube.com/watch?v=lNp6y0j1aZc&t=532s
Wyckoff Method Trading and Education
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Stocks, Commodities, Indexes,
Cryptocurrencies
www.wyckoffanalytics.com/
Stocks, Commodities, Indexes,
Cryptocurrencies