A break above 10k would invalidate the scenario and shows us the resume of the uptrend.
Feel free to comment and disagree if i have miss something.
Have a nice day.
The distribution phase can have different forms, look like the most probably would be something like this :
We are not here yet, but keep this scheme in mind. It will be confirm only if we see a strong red candle with massive volume at the end of E.
IF we breakout it then we will have a more volatil distribution with a possible retest of 9K7 before explosive fall.
I think the continuation of the pattern could came from this : https://s3.amazonaws.com/tradingview/sna...
Before any substantial retracement. A breakout of the triangle would, in contrary, imply a possible extended retracement to 8.8 / 9K1, where i would renforce my short.
Have a nice day.
Bears need to take it to really improve their chances of making a new lower low (sub 5k). The pink trendline is a major support which held worst corrections from may and even our last dip to 5K9 in February. At this level there are the supports of the both fibonacci channel too.
A break of this area will accelerate the downtrend.
A daily or even weekly close under it is required to confirmed the support as broken.
As i share you yesterday, 8k is a major support for BTC now, it's look like whales are following my TA because it's just rebound 30 mins after my post.
More seriously i think bulls have a their last card to play now. If they can break the descending triangle and instal the fractal with confirmation by spike of volume (which will be difficult because it's the week-end), then we could break at the same time the fib channel and the downtrend line. In this case the wave 2 would be end and we would be ready for an explosive Wave 3.
This is just an update, that's mean i believe the Wyckoff is still in play because my pattern is followed perfectly and bulls will be strongly hurt in the coming days. BUT market shows me a viable option for the bulls so i need to share it with you. If bulls can't play it now, i would be pretty sure that the coming lower low is almost validate.
Be attentive, the comings 2 days are important !
First : I would to thank everyone to have make me TOP 3 AUTHOR (at the best of the day).
Now let's talk about the supports and resistances ! Things never fall in one candle so bears let be patient your time is not over. We can see on the 1m chart a strong bear-trap well done by the bulls (first real hour of trading from US they manage a breakdown then instant buy again with same amount of volume :
So now what ? There are 2 decent zone of resistance and one i would particularly see to reinforce my short positions again :
I would not consider any buy in this area, only most agressives bulls are doing it or FOMO people.
Guys i have a little question to you, i'm pretty new on Tradingview, and i love to trade BTC/Shitcoin during this crash market. YES this is greedy but it's only a way to have some fun during this bear market and it prevent me to take too agressive trade with my reals funds (and improve a little my capital even if i play with like 10%, rest is on my short position since 9K8 and in cash waiting a real bottom). So here is the real question. I plan to trade some BGG coin (Spoiler YOU should not do the same haha) on Hitbtc and i would know if there was a way to add the live chart on Tradingview to make some more detail analysis for my personal trading. If someone know if it's possible thank you to answer me.
Cheers mate and have a nice day.
Remember as always not a financial advisor. I'm doing it for my personal trading and entertainment.
I know most of the "hype" analyst here are enjoying to post shit every 4 hours, but there is no rational reason for that and by the way i have no time for that. Actually there no real reason for me to update the chart now but maybe some of you want to be reassured hehe.
So what new ? Nothing.
BTC is making an ABCDE triangle consolidation just under the Andrew"s median pitchfork, normally triangle doesn't reverse the trend so the more probable scenario is a break down with 2 SHORT-term target (TP1 / TP2). However we are the week-end, and the week-end real professional traders and institutional money don't trade a lot, so whales particularly enjoy to squeeze little investor. That's why a push to 7K8/9 during the week-end before a new strong sell by Monday or Tuesday is still possible (like the 3 last weeks). This is why i only trade during the week most of the time.
So here is the chart, which is not very different of the last one. You can the second resistance (Andrew) had reject the price as expected for now.
Cheers !!! And have a nice week-end.
Hope you are not too boring by the flat. Enjoy your week-end don't spent time on your computer :).
So what new here ? I have not a lot of time to post theses days but this not very important. No post = pattern still in play.
The market is taking more time to dip than i expected but the destination remain the same. I would make an update for you earlier to say we have break the Andrew's median but i saw the bulls have a lack of power and i was expecting this breakdown of the flag so i would see the end to advice you.
As you can see we are now rejected once again under the Andrew's line and that's a clearly bearish signal. Bulls need to form a lower low to get some quick momentum before the bears take the hand. For me the bounce of yesterday was just a quick trade for the market to resume a little this daily RSI who touched 30.
In a psychological point of view the last big wave of a crash market need to let hope to the bulls to pull down them slowly and break all the last supports.
I have not a lot of time for me theses days. It will be probably better in one week.
Happy trading guys and remember : the bears are in full control of the market !
So now what ? The update is here :
This time it's a daily chart so let it some time to happen.
I wish you all the best. Cheers !!!!