BitcoinUpdated BTC: Is 32000 to 30000 Possible According to Gareth Soloway
Hi Everyone!
I recently watched a technical analysis by Gareth Soloway on YouTube. In that video, he stated, "I would plan on buying somewhere between 32,000 and 30,000 by May of this year."
Let me address what must occur in the Weekly in order for Gareth Soloway's prediction to come to pass:
#1 - We have NEVER fallen to the Magenta/White Lower B-Bands in the Weekly DURING PHASE E OF A WYCKOFF ACCUMULATION SCHEMATIC without the Red Line falling below level 60 and the Blue LSMA falling below White Level 70. The only time in history this occurred was in the Summer of 2016 when Bitfinex Exchange was hacked.
Here is the Wyckoff Macro Accumulation Schematic for the years of 2015 through 2017 to point out the Bitfinex Hack occurred in Phase E:
Here is Present Day Wyckoff Macro Accumulation Schematic; to point out we are in Phase E in Present Day Schematic:
#2 - The 20-Week Simple Moving Average is the typical lower support level during Phase E of a Macro Wyckoff Accumulation Schematic. The Yellow Dotted Line in my Bad Ass B-Bands indicator is the 20-Simple Moving Average.
Currently, the 20-Week Simple Moving Average is sitting at $36,300. Why am I mentioning this? I personally would not be dead set on not buying (accumulating) Bitcoin unless it went down to the $30,000 to $32,000 price range. I'm of the opinion one should plan on Dollar Cost Averaging into Bitcoin Between $37,000 and $35,000; with the BULK OF YOUR ACCUMULATION between $36,500 and $37,500. But keep in mind, THERE IS NO GUARANTEE WE EVEN FALL DOWN TO THIS RANGE. This is only an estimate...
So what if Bitcoin does happen to fall below the 20-Week Simple Moving Average. Are you willing to potentially miss out on accumulating Bitcoin by refusing to begin accumulating until the price falls to the $32,000 to $30,000 price range? I should point out that Gareth did mention one should dollar cost average into the market while it is falling during the writing of this publication.
Here is a Weekly chart pointing out Weekly candles CLOSING at or above the Yellow Dotted 20-Week Simple Moving Average during Phase E of Macro Wyckoff Accumulation. The "only" time you see a candle wick down to the Magenta/White Lower B-Band area in the Weekly DURING PHASE E OF ACCUMULATION is the BitFinex Hack of 2016. But even then, the Weekly candle CLOSED at or above the Yellow Dotted Weekly Moving Average.
#3 - The Purple Line in the chart below is the 200-Week Simple Moving Average. We have "never" hit the 200-Week Moving Average DURING PHASE E of a Wyckoff Macro Accumulation Schematic. Could I be wrong in regard to us being in Phase E of a Wyckoff Macro Accumulation Schematic? Sure, it's possible... If I am wrong and the price does come down to the $30,000 to $32,000 price range, then it would simple mean this is a "first" for this to occur.
I'll follow up with a video publication very soon providing additional things to consider in multiple time frames using Phoenix Ascending in conjunction with Bad Ass B-Bands.
Please do not assume I'm being overly critical of Gareth Soloway; cause I'm not. I respect the man one hundred percent. I'm simply offering more information to consider if you have seen and/or heard his recent $32,000 to the $30,000 by May of 2024 prediction.
Happy Trading and Stay Awesome!
I recently watched a technical analysis by Gareth Soloway on YouTube. In that video, he stated, "I would plan on buying somewhere between 32,000 and 30,000 by May of this year."
Let me address what must occur in the Weekly in order for Gareth Soloway's prediction to come to pass:
#1 - We have NEVER fallen to the Magenta/White Lower B-Bands in the Weekly DURING PHASE E OF A WYCKOFF ACCUMULATION SCHEMATIC without the Red Line falling below level 60 and the Blue LSMA falling below White Level 70. The only time in history this occurred was in the Summer of 2016 when Bitfinex Exchange was hacked.
Here is the Wyckoff Macro Accumulation Schematic for the years of 2015 through 2017 to point out the Bitfinex Hack occurred in Phase E:
Here is Present Day Wyckoff Macro Accumulation Schematic; to point out we are in Phase E in Present Day Schematic:
#2 - The 20-Week Simple Moving Average is the typical lower support level during Phase E of a Macro Wyckoff Accumulation Schematic. The Yellow Dotted Line in my Bad Ass B-Bands indicator is the 20-Simple Moving Average.
Currently, the 20-Week Simple Moving Average is sitting at $36,300. Why am I mentioning this? I personally would not be dead set on not buying (accumulating) Bitcoin unless it went down to the $30,000 to $32,000 price range. I'm of the opinion one should plan on Dollar Cost Averaging into Bitcoin Between $37,000 and $35,000; with the BULK OF YOUR ACCUMULATION between $36,500 and $37,500. But keep in mind, THERE IS NO GUARANTEE WE EVEN FALL DOWN TO THIS RANGE. This is only an estimate...
So what if Bitcoin does happen to fall below the 20-Week Simple Moving Average. Are you willing to potentially miss out on accumulating Bitcoin by refusing to begin accumulating until the price falls to the $32,000 to $30,000 price range? I should point out that Gareth did mention one should dollar cost average into the market while it is falling during the writing of this publication.
Here is a Weekly chart pointing out Weekly candles CLOSING at or above the Yellow Dotted 20-Week Simple Moving Average during Phase E of Macro Wyckoff Accumulation. The "only" time you see a candle wick down to the Magenta/White Lower B-Band area in the Weekly DURING PHASE E OF ACCUMULATION is the BitFinex Hack of 2016. But even then, the Weekly candle CLOSED at or above the Yellow Dotted Weekly Moving Average.
#3 - The Purple Line in the chart below is the 200-Week Simple Moving Average. We have "never" hit the 200-Week Moving Average DURING PHASE E of a Wyckoff Macro Accumulation Schematic. Could I be wrong in regard to us being in Phase E of a Wyckoff Macro Accumulation Schematic? Sure, it's possible... If I am wrong and the price does come down to the $30,000 to $32,000 price range, then it would simple mean this is a "first" for this to occur.
I'll follow up with a video publication very soon providing additional things to consider in multiple time frames using Phoenix Ascending in conjunction with Bad Ass B-Bands.
Please do not assume I'm being overly critical of Gareth Soloway; cause I'm not. I respect the man one hundred percent. I'm simply offering more information to consider if you have seen and/or heard his recent $32,000 to the $30,000 by May of 2024 prediction.
Happy Trading and Stay Awesome!
Note
UPDATE:I know the "interactive chart" in TradingView publications is not the best for presentation due to it blowing up the font size of everything. So, here is the cover chart of this publication presented the way I intended:
Note
UPDATE:This is a close-up view of the Weekly when the price action fell down to the Magenta Lower B-Band DURING PAHSE E of a Macro Wyckoff Accumulation Schematic. This was during the Bitfinex Hack of 2016. I'm simply pointing out the Blue LSMA needs to fall below White Level 70 and the Red Line needs to fall below Magenta Level 60 at a minimum in order for this to occur. Especially, during Phase E of a Macro Accumulation Schematic.
Note
UPDATE:Dark Blue Text Bubble:
This Blue Ascending Diagonal Trend Line is my current absolute bottom of DIAGONAL support.
If we were to fall to the $32,000 to $30,000 price range, this would mean this DIAGONAL
support was broken. Is it possible? Sure... But I would be surprised.
Note
UPDATE:BLUE TEXT BUBBLE:
In order for the Blue LSMA to fall below White Level 70;
increasing the odds for price to fall to Magenta/White
Lower B-Bands between $32,449 and $30,062; we may
require two more Weekly candles after the current Weekly
before having a chance of Gareth Soloway's prediction
to occur.
Simply wanted to point this out so you would know it would
not fall to that level anytime soon.
Note
UPDATE:3-Week time frame:
RED TEXT BUBBLE:
I want you to note the current levels of the Red and Blue Lines in this 3-Week time frame.
They are both above Aqua Level 90. Also, we still have 16-Days and 11-hours remaining in
the current 3-Week candle before another 3-Week candle begins.
The reason I'm showing the 3-Week is to point out the Red Line "generally" needs to fall
below Level 80 in order to increase the odds for the price action to fall anyway near the
Yellow B-Band Basis. Our B-Band Basis is currently sitting at the $31,134 price point and
the Red Line has a long ways yet to fall toward Level 80 in order to increase the odds for
price to fall down toward Gareth Solloway's $32,000 to $30,000 price point.
So again, if we are to fall down to the predicticted price range, it may require quite a bit
more time to pass in order for it to play out.
Note
UPDATE:CONCLUSION: In order for us to fall down to Gareth Solloway's $32,000 to $30,000 price range prediction, we may likely require some type of crypto black swan event. Such as a major exchange being hacked or some other event. Especially, if it is to occur anytime soon. Yes, I know Gareth said, "...by May of 2024." However, my argument is, "The more time passes, the higher the Yellow B-Band price point rises in the Weekly and 3-Week time frames. So, if we are to fall down to that price range, it needs to occur some time between now and two more 3-Week candles from this writing. Which would be the 3-Week candle beginning Monday, March 4, 2024.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.