BTC 230127 Outlook on D chart
Updated
There's not a large amount of institutional money in BTC. Due to this, I use a loose interpretation of Wycoff paired with Elliot and Fibinocci.
I feel we established a solid floor for potential Wycoff phases to play. I feel we swept the liquidity built by early buyers. While this spring was atypical, it did provide a perfect grab for sellers who believed we would continue deeper. The textbook setup was there, but the volume showed a different story. Just as much buying volume and some last-minute consolidation.
This would be aggressive entry levels, and I felt there was a fake CHoCH to keep sellers fooled. This was a beautiful area for bulls to accumulate. Further proof of this came when the impulse wave began.
I do believe it is too early to draw Elliot waves. I want to see this impulse finish. Should it finish here, I expect us to head back to the ST zone. If note, we continue up to the next high.
I feel we established a solid floor for potential Wycoff phases to play. I feel we swept the liquidity built by early buyers. While this spring was atypical, it did provide a perfect grab for sellers who believed we would continue deeper. The textbook setup was there, but the volume showed a different story. Just as much buying volume and some last-minute consolidation.
This would be aggressive entry levels, and I felt there was a fake CHoCH to keep sellers fooled. This was a beautiful area for bulls to accumulate. Further proof of this came when the impulse wave began.
I do believe it is too early to draw Elliot waves. I want to see this impulse finish. Should it finish here, I expect us to head back to the ST zone. If note, we continue up to the next high.
Note
Scenario A is playing out. We appear to have found a top. Considering the 23750 area as the top of the impulse. Still, need to watch the 22650 area for rejection. Playing nicely so far.
Note
We successfully hit out Scenario A. Wave 2 is rolling!Note
The wave hit quite nicely and ran a bit higher than expected. I am anticipating 23.5k area for the bottom of wave 4. If bulls take over, we'll likely see the bottom of wave 4 at 27k or a liquidity sweep to 24.5k.
Time will tell.
Note
We are working our wave through wave 5 now. A lovely liquidity sweep, as expected, brought us here—two scenarios from here. A) Bulls take over, and we run toward the 40k area. B) We begin an ABC correction to establish a new wave 2 bottom and treat this Elliot cycle as wave 1.
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.