mycotoxin

mycotoxin

The current rejection and move back below the top of the trading range at 25k is not a good sign BTC has not even once been able to close a daily candle above the top of the trading range and keeps getting rejected. There are 3 possible options on what can occur next. 1) BTC bounces at the MA20/MA50 which is the area between 23500 and 22600 and then breaks...

mycotoxin

Strong move upwards to break out of the top of the trading range . Id expect a retest of the top of the range down to the 23500 area followed by a move back upwards to 33k . This move upwards could be to fill the CME Gap at 33k as the last moved down to 19k filled the CME gap at that area

mycotoxin Updated 

BTC - Demand zone is at 18K so this upwards move must be a Bulltrap, Dead cat bounce Also

mycotoxin

If a market bounce is to take place, then it has to occur within the range of 18722 to 17000. this is a good support bounce area and also the last line of defense. However should BTC drop below the 16800 area then likely this will signify an irreversible downturn with the next target being the 12K area.

mycotoxin

This setup resembles a symmetrical triangle with ETH targeting the 1275 area.

mycotoxin Updated 

BTC - All roads appear to lead to 18k reasons below : 1) The measured target of the falling wedge is 18k: 2) The measured distance of the expanding wedge is 18k: 3) This move looked like a Bulltrap as was decribed here and also described here 4)

mycotoxin

When the wyckoff phases A through C are added to the 1 hour time frame this pattern resembles a falling wedge to me. Also From the chart pattern it also appears BTC can currently be in a local 'Phase C' . Whats the 'Phase C' business ? ======================== Phase C in the Wyckoff methodology is where price can attempt to move upwards and break...

mycotoxin Updated 

BTC - Expecting movement down to 18k . Based on the chart below, my thought is its highly probable that BTC will move lower to the 18k Zone. As was pointed out last week, the chart below shows bearish tweezer tops on the weekly chart. indicating a bearish market reversal brewing . Moreover, the weekly and daily charts also list several bearish...

mycotoxin Updated 

if we apply the wyckoff phases to the current setup then id say we are in phase B and a bear trap is brewing . I also suspect this current setup to be a continuation of the idea presented earlier in the graph below In a wyckoff phase B when the support is broken there can be a reaction in the form of a fast move up called the ( MSOS) Minor or Major sign of...

mycotoxin Updated 

A Bearish Tweezer top on weekly and BTC under the 50 and 200 MA resistance indicates a potential bearish reversal Hence id the expect more downwards action on the upcoming weekly candle

mycotoxin Updated 

Expecting a drop to 18k if BTC falls out of the rising wedge . One thing to be aware of is the shady double top move where BTC will recover upwards inside the rising wedge only to fall out of it . if BTC currently falls out of the wedge id expect a head and shoulders similar to this with a move to 18k.

mycotoxin Updated 

This is a rising wedge and BTC can bounce here or at 21500 as shown on the graph below However id expect some challenges recovering if BTC falls out of the rising wedge as that would now form a head and shoulders reversal to the south side Also ..whats up with the MACD which is forming a bearish divergence on the daily .

mycotoxin

if the wyckoff phases are drawn in then this looks like a local re-accumulation in a phase B to me . Normally in a phase B the market makers will retest the bottom of the range ; hence as this is a slanting upward trading range Im expecting BTC will have to move back down and retest the area between 22500 and 21500. on the flipside if BTC is indeed really...

mycotoxin Updated 

Profiler shows possible bounce spots as 2300, 21800, 20900 . Id expect BTC may make another attempt at moving past 25000 before any major rejections.

mycotoxin

I must admit this does look like falling wedge which is generally considered a bullish pattern . However if we turn on the Moving averages and look closer at the "area of interest" box this is a tough spot as there are several resistance confluences at work on the weekly . These are : 1) The MA 200 resistance 2) The MA50 resistance 3) The resistance formed...

mycotoxin Updated 

This current move up seems off to me and this setup must be a Bulltrap - Why ? because there is a test missing to retest the ST as SOW ( secondary test as a sign of weakness) . The market makers normally retest the ( ST as SOW) area or close to it before pushing price higher . What im expecting to see is price moves lower towards "Phase C "with a minimum...

mycotoxin Updated 

This sudden move up looks like a Bull-trap to me and I''m expecting price at the minimum to return to the 18K area

mycotoxin

ETH shows a Double top on the 4 day with a Target at 1424