BITCOIN / TETHERLong
New Low Incoming? Wyckoff Acc
Updated
I am watching this idea like a hawk. Wyckoff accumulation with a 1.618 Fibonacci target sitting right below us at $16,783 on this chart (Fib from 28.8k to 69k). Daily stochastic RSI is overbought curving down.
Yellow bear flag that has bearishly retested the flag, targets around 17k. Which would most definitely cause panic in the market as it would create a new low. Which in fact is a perfect setup for a huge, short squeeze. So far Wyckoff accumulation is filling out and is awaiting the possible panic causing spring. Please keep the 1.618 fib target sitting at $16,873 in mind and possibly place some longs there not financial advice. If the 1.618 holds at $16,783 watch the falling wedge for a break back inside the wedge (if it breaks out, it may with the spring and slowly get back inside the wedge and breakout to the upside for a mega bounce.) I will keep updating this idea as the days go on if anything big happens. So far this seems like a likely scenario.
Yellow bear flag that has bearishly retested the flag, targets around 17k. Which would most definitely cause panic in the market as it would create a new low. Which in fact is a perfect setup for a huge, short squeeze. So far Wyckoff accumulation is filling out and is awaiting the possible panic causing spring. Please keep the 1.618 fib target sitting at $16,873 in mind and possibly place some longs there not financial advice. If the 1.618 holds at $16,783 watch the falling wedge for a break back inside the wedge (if it breaks out, it may with the spring and slowly get back inside the wedge and breakout to the upside for a mega bounce.) I will keep updating this idea as the days go on if anything big happens. So far this seems like a likely scenario.
Trade active
LONG TRADE NOW ACTIVE! GOOD LUCK IF ANYONE TAKES IT!
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.