Topic: Wyckoff Mode Technical Analysis - page 33. (Read 12112 times)

We may have to wait 7 to 13 more hours before obvious reversal to downward pressure.

Have a look at Purple ENERGY in the 12h TF:




Daily (24h) TF:

We've already had approximately 30.8% drop from $13,880 to $9,614.08.  It's POSSIBLE we go no lower.  However, the downward pressure I'm still seeing in the 6-Day, Weekly, 9-Day and 12-Day time frames leads me to believing the month of July may be more sideways price action AT BEST for the purpose of Re-Accumulation.

The downward pressure I'm currently seeing in the afore mentioned time frames do not necessarily equate to more serious PRICE correction.  This COULD simply be a TIME correction.  Meaning, no serious drop into a prolonged bear market but instead a period of Re-Accumulation within a reasonable trading range that drops no more than 40% from previous high of $13,880.  A 40% drop from the $13,880 high would be $8,328 for the bottom.  So, I do not want to rule out a further drop down before the bull rally begins again.

I'll provide a more detailed analysis using my indicators in one or two video publications later tonight or wee hours of the morning my time (Central Time - Alabama, United States).  I may have to do two videos (one for high time frames and one for lower time frames).

Time to get back to working on those pedestals for my counter top in the office.

Stay Awesome!

David

I'm looking forward to it! I'm curious what you expect the range to be if the market stays sideways......above or below the $12,500 lower high? The daily candlesticks off $9,650 are still impressive to me, indicative of a strong reaction from bulls. I'd love to see new lows so I can buy back lower, but at this moment I'm not very confident.

I'm leaning more towards sideways AT BEST for most of July with chance for further price drop.  I'll elaborate more later this evening with a video publication.  I'm about to get a bite to eat then back to work on my pedestals for my counter top to make a desk.

I'm still not convinced yet we are going up just yet based on what I'm seeing in the indicators.  I will provide a more detailed explanation in a video later after I wake up.  

or maybe we are in a new sideway phase with prices swing of greater magnitude..

Hell of a day we just had! A hammer candlestick on decent volume, with bulls rejecting prices below the 20-day MA. $9,650 to $10,900 in 24 hours, and still going. Sure smells like a bear trap to me. What do you think?

12h (left) 24h (right)

Here's an update on the Phoenix ARI in the 12h TF:

Here's LTCUSD if you are interested:

Here's previous VIDEO Publication for LTCUSD - https://www.tradingview.com/chart/LTCUSD/Z11RwHaq-Downward-Pressure-in-Higher-TF-s-Quickly-Approaching/

Hi SSMC2,

Thank you!  Yes, I see...  This is one of the price level dips for using the Dollar Cost Averaging technique with a small amount of your capital to avoid missing out in the event of a potential legitimate reversal to new highs from here.

I just woke up and see $9,950.00 exactly for the low currently.  I'll provide another update with charts or by video very soon.  I need to fix something to eat.

Stay Awesome!

Nice work man, hit $9950 on Stamp. Let's see if it holds.

A closer look at the Daily (24h) TF: The Daily 21-EMA is still likely before a chance for a bounce.  The 21-EMA is currently sitting at approximately $10,375.  However, it could fall just below the 21-EMA before a bounce.  The question is if it will be a legitimate reversal bounce or a dead cat bounce?    If a dead cat bounce, the Daily 50-MA will be the next target down to see if it will have a legitimate reversal bounce or dead cat bounce.  If a dead cat bounce at the Daily 50-MA, the area shaded in Green will be the "Buy Zone" with the Daily 100-MA acting as support.

It's perfectly fine to initiate buy orders with a small percentage of your capital using the Dollar Cost Averaging technique at each Moving Average (MA) to avoid missing out in the event we have a legitimate reversal at one of the Moving Averages.  We still have a chance for another push up before falling into a bear market the month of September.  It depends on how far we go down here from $13,880 as to whether we go to a higher high or lower high before falling into a bear market in September.

Don't forget, we still have a chance for a legitimate reversal bounce off the Daily 21-EMA or Daily 50-MA.  I recommend using Dollar Cost Averaging technique on dips in the 12h and 24h TF's using small percentages.  It's my opinion you will be glad you did in the long run.

I still need to have a look at multiple time frames below and above the Weekly TF.  I simply wanted to provide a price range target to spread buy orders within in the event of a Re-Trace while I'm working on straightening up my office.  Again, there is NO GUARANTEE we will have a full retrace just yet.  This COULD be a bear trap.  Let me do a bit more work in my office and allow a little time to pass by in the first day of this Weekly TF before providing a Video Update.

Weekly TF for BTCUSD - Remember ETHUSD will be very similar.  I will provide a video publication update later this evening.

Apologies for delay responding.  I've been cleaning up my office.  It was once a storage room.  I'm claiming my office back.

I do look at the Longs vs. Shorts on BitFinex from time to time.  However, I still place more precedence on my indicators.

What do you make of this long vs. short data on Bitfinex? Looking at the price action alone, selling momentum doesn't look strong enough to push much further. But 2/3 of outstanding shorts closing certainly gets my attention. Last time we saw drops even close to this were in the leadup to the $6,200 Bitstamp dump in May. Not that I necessarily expect that now, but it's some food for thought.

Hi Exstasie,

Thanks again for dropping by.


Sideways FOR NOW...  The Purple ENERGY in the 4-Day is currently at 85 percent with only one Red Caution Dot.  It still has a while yet before getting anywhere near the 50% level before potential consolidation.  So, I'm saying more sideways AT WORST with still a chance for going up for now.  We will need to see where the Purple ENERGY advances to on the next 4-Day Candle beginning June 30th to see how much more time this upward pressure can continue and the likelihood of another leg up to higher than $14,000.




Yes, this confirms more sideways action for now; as evidenced by the current level of the Purple ENERGY in the 4-Day TF.  We will know more on June 30th when a new 4-Day candle begins.  Until then, we can anticipate more upward pressure with no major consolidation event.  Could a consolidation event begin after June 30th?  Sure, but we need to see what the level of the Purple ENERGY is on the new 4-Day Candle beginning on June 30th.