Bitcoin becoming more fun
You might have already read this post below; but why this is still amazing for me, is that it's impressive to see an instrument becoming institutionalised in front of your eyes.
For such an infant in instrument terms - BTC is becoming more and more fascinating. If you have not read the year in the life of Bitcoin post, click here.
Go back towards the end of last year and look at the dates on each of these posts.
Read the text on the chart, why we would only go above the old ATH and why we would drop back under 40k quickly becomes apparent later on.
These levels could be calculated as we moved up giving extension levels in un-chartered territory.
With Elliott extensions sat at similar levels.
Look how this played out...
Even more interesting, was that the move started to look like a large scale Wyckoff distribution schematic.
Taking us to the key extensions.
Confirming both the Climax and the EW extensions; in the new found liquidity pocket.
The signs where all there and waiting for the move.
Giving now the logic for the targets to the downside.
Richard Ney angles also seemed to have similar situations formed around the downside target range.
Fast Foreword here and you will see, it's done only what one would have expected it to do.
For Bitcoin and a young instrument - you would not believe how powerful this is.
Just as I titled the post. This is becoming more and more fun!
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.
For such an infant in instrument terms - BTC is becoming more and more fascinating. If you have not read the year in the life of Bitcoin post, click here.
Go back towards the end of last year and look at the dates on each of these posts.
Read the text on the chart, why we would only go above the old ATH and why we would drop back under 40k quickly becomes apparent later on.
These levels could be calculated as we moved up giving extension levels in un-chartered territory.
With Elliott extensions sat at similar levels.
Look how this played out...
Even more interesting, was that the move started to look like a large scale Wyckoff distribution schematic.
Taking us to the key extensions.
Confirming both the Climax and the EW extensions; in the new found liquidity pocket.
The signs where all there and waiting for the move.
Giving now the logic for the targets to the downside.
Richard Ney angles also seemed to have similar situations formed around the downside target range.
Fast Foreword here and you will see, it's done only what one would have expected it to do.
For Bitcoin and a young instrument - you would not believe how powerful this is.
Just as I titled the post. This is becoming more and more fun!
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.
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Masterclass Webinar: mayfairtradingevents.com
Prop firm partners (FTMO)
shorturl.at/hBEQ4
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Disclaimer
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