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Bitcoin – the bounce is possible!Hello, everyone! As you know I am in short position and I am sure that the new impulsive wave to the downside has been already started, but local picture told us that we can catch the pretty nice scalp long trade. Let’s take a look at the 1h timeframe of the BTCUSDT chart of the WhiteBit exchange. I decided to consider the waves 1 and 2 as it is shown of the chart. In this case the wave 3 reached exactly 1.61 Fibonacci retracement level – the natural target. Awesome oscillator minimum value also confirmed my idea that wave 3 has been finished. Oscillator has also crossed the zero line which is the minimal requirement for the wave 4 end. It means the we have to catch the wave 5 bottom to trade the potential bounce. Let’s wait for the divergence and the bullish reversal bar to enter the long trade. Watch out my updates I will tell you when I am going to execute this trade. Best regards, Ivan
by Skyrexio
10
BTC/USD Wykoff AccumilationUsing the Wykoff theory there we have completed Phase A moving into Phase B. Key Terms in Phase A PS – preliminary support, after prolong down-move the buying begins and you can see the stock bounces with some higher volume. It shows the stock is approaching the bottom. SC – selling climax, panic selling by the public and it is being absorbed by larger professional operators. Normally it comes with bad news and usually appears with high volume. AR – automatic rally, after the selling pressure has diminished and the buying pushes the price up. ST – secondary test, the retest of previous SC. Usually the volume is low and large operators are testing the SC price. Phase B we can expect that the lower levels of support will be tested with a dip down to the lower 30s before the spring in Phase C which is the final test by the large operators to make sure the available supply is absorbed before the markup. It is also the best time for short term traders to enter the trade (If moment is strong we will stay above the upper support). Followed by a test of support not returning down to the previous dip. At this point we will move into Phase D last point of support (LPS), the stock pullback to test the support with the volume diminished. This will lead us into The sign of strength (SOS), the stock rallies with high volume and shows the stock is preparing for the next rally. Sometimes it looks like pennant or flag which we lead us to the promise land..... ***note I assume the upper resistance will be around 49k (200EMA) with the about of sells(asks) at this price "Mannnnnn I hope Richard Wyckoff knew what he was doing" -KewlKat
BITMEX:BTCUSD.P
by kewlkat
1
#BTC view at this momentAt the moment there are no major changes in the market, step down and touch the MA50 chances are still great. Going below the MA50 for the current period will be difficult, for now hour timeframes demonstrate a slight opportunity to jump, but this does not cancel the global move down. If the MA50 is broken and the price locks below, it will be a bad signal, the market will continue the downward trend. Globally, we are still in a strong oversold, which also makes it possible to count on a step up. For now we can grow a little, but then still go to the MA50, from where you can already count on an increase in resistance to 5000.
BITFINEX:BTCUSD
by CryptoWolfsTrust