BTC as happy as can be, rolling around here

6 mai 2021

Bitcoin is still rolling around in the dirt. As happy as a pig can be!

Here's why still short here.

There is an ideal Wyckoff structure - for those of you who follow our Discord or saw Paul_Varcoe
Stream on Monday just gone - you will see I showed a Ghost Wyckoff structure under a TradingView chart - You could not really pick a better example for a Wyckoff schematic. It is an AWESOME Image.

The second thing is - If you saw the "They blew up the rocket" post

You can see, other than the ATH fake out, the price has become very respectful.

Then if you are less familiar with Wyckoff - there's a sloping structure (more advanced technique) playing out, again this is an almost perfect structure example. And it's live right now on the Daily.


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The next pieces show indicator levels;

This shows the crypto strength - Orange being BTC, Green is ETH and Blue is XRP.

Divergence in the momentum


All of which is exaggerated by the simple Weis wave move on the Monthly Timeframe.


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COT data has been dropping in the shorts; but also the longs = sideways action, around the 17th of April we saw a drop from 7.6k shorts and 3k long to this last release being 5.5k short & 2k long. Interesting times.

I have posted several Elliott moves in recent weeks - it's incredible to see the respect being shown in such an infant instrument.

For the record, I have been Bullish since 2011. But it's now time for a rest, some new liquidity and go again!

See some of the linked ideas below.

Please feel free to add topics for discussion below;




Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.

6 mai 2021

Note

Stream by Paul_Varcoe here - tradingview.com/streams/HYQ_CBRlMJh59H6MU8MNK/

8 mai 2021

Note