bagofXMR

Anatomy of bitcoin accumulation using wyckoff logic

BITSTAMP:BTCUSD   Bitcoin / Đô la
Pay special attention not only to the price structures, but the volumes. This is a wyckoff text book accumulation

TR - Trading ranges are places where the previous trend (up or down) has been halted and there is relative equilibrium between supply and demand . Institutions and other large professional interests prepare for their next bull (or bear) campaign as they accumulate (or distribute) shares within the TR
PS—preliminary support, where substantial buying begins to provide pronounced support after a prolonged down-move. Volume increases and price spread widens, signaling that the down-move may be approaching its end.
SC—selling climax, the point at which widening spread and selling pressure usually climaxes and heavy or panicky selling by the public is being absorbed by larger professional interests at or near a bottom. Often price will close well off the low in a SC, reflecting the buying by these large interests.
AR—automatic rally, which occurs because intense selling pressure has greatly diminished. A wave of buying easily pushes prices up; this is further fueled by short covering. The high of this rally will help define the upper boundary of an accumulation TR.
ST—secondary test, in which price revisits the area of the SC to test the supply/demand balance at these levels. If a bottom is to be confirmed, volume and price spread should be significantly diminished as the market approaches support in the area of the SC. It is common to have multiple STs after a SC.
SOS—sign of strength a price advance on increasing spread and relatively higher volume . Often a SOS takes place after a spring, validating the analyst’s interpretation of that prior action.
Giao dịch bắt đầu: We are in.
Now paying close attention.
Spoofy showing a 5k btc sell wall on bitfinex and market dumping fast.
Be careful, trade safe.
Bình luận: 8.7-8.8k should be next target.
Bình luận:
This could be a nice place to buy some corn if you are not in from 7k
Thoughts on the H&S that just formed and broke neckline?
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bagofXMR jimmy_
@jimmy_, Well, i didn't consider it valid (price behaviour didnt fit in my personal and biased opinion) and now it seems it failed because we are again well above the neckline
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Hello my friend! Why have you switched from bear to bull in almost all cryptomarkets? just want to know your reasons, technicals or whatever it is.
I don't want to miss the train this time :)
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bagofXMR etiennez0r
@etiennez0r, only short term bull in bitcoin due to technichals (descending wedge with strong bo, refusal to make a new low and stochrsi) and fundamentals (how market is digesting some news make me think the "plan" is to go up from here).
And i am accumulating back bitcoin cash, as planned. Based on fundamentals (strongest Crypto ready for merchant adoption right now considering liquidity, capacity and security) and technichals (630-660 was a confluence of buy targets )
I am still waiting on monero.
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@bagofXMR, Thank you bro, i’m missing the bear part of you xD
Guess its time to join the bulltard team then, kudos bro
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beautiful after it played out. good eye
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Thanks
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Do you expect a slight retrace first? 7600 area perhaps?
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I like your chart,and I have followed you. I hope you can Follow Me at the same time.
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@bagofXMR hey any update on bitcoin ? are we still in the wycoff accumulation ?
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