Wyckoff Mode Technical Analysis - page 34.

dmwardjr

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Quote from: exstasie on June 28, 2019, 02:08:01 PM

Quote from: dmwardjr on June 28, 2019, 01:39:01 PM

LTCUSD - "You Need to Watch This. $95.00 USDT Looks Like Next Target."

If you are not interested in LiteCoin while being a Bitcoin Loyalist, YOU STILL NEED TO WATCH THIS.

https://www.tradingview.com/chart/LTCUSD/KlD0E0Xq-You-Need-to-Watch-This-95-00-USDT-Looks-Like-The-Next-Target/

So your opinion on BTCUSD then is sideways rather than down? Any opinion on this bounce from $10,300 into the 0.5 fib retracement of the dump? More upside to flesh out a sideways range?

The [first] dump wave stayed above your $9,948.98 level. Does that confirm for you this is more of a sideways/time correction than a deep price correction?

Give me a few minutes to respond...

brb

dmwardjr

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ETHUSD & BTCUSD Publication: Read Comments Section...

https://www.tradingview.com/chart/ETHUSDT/ZeEIKnCb-ETHUSD-BTCUSD-Publication-Read-Comments-Section/

exstasie

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Quote from: dmwardjr on June 28, 2019, 01:39:01 PM

LTCUSD - "You Need to Watch This. $95.00 USDT Looks Like Next Target."

If you are not interested in LiteCoin while being a Bitcoin Loyalist, YOU STILL NEED TO WATCH THIS.

https://www.tradingview.com/chart/LTCUSD/KlD0E0Xq-You-Need-to-Watch-This-95-00-USDT-Looks-Like-The-Next-Target/

So your opinion on BTCUSD then is sideways rather than down? Any opinion on this bounce from $10,300 into the 0.5 fib retracement of the dump? More upside to flesh out a sideways range?

The [first] dump wave stayed above your $9,948.98 level. Does that confirm for you this is more of a sideways/time correction than a deep price correction?

dmwardjr

legendary

Activity: 1302

Merit: 1318

Technical Analyst/Trader

LTCUSD - "You Need to Watch This. $95.00 USDT Looks Like Next Target."

If you are not interested in LiteCoin while being a Bitcoin Loyalist, YOU STILL NEED TO WATCH THIS.

https://www.tradingview.com/chart/LTCUSD/KlD0E0Xq-You-Need-to-Watch-This-95-00-USDT-Looks-Like-The-Next-Target/

dmwardjr

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Forgot to show the price for the upper portion of the Blue Box if using the Dollar Cost Averaging Technique:

dmwardjr

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Taking into consideration the 21-EMA in the Daily TF when Dollar Cost Averaging:

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dmwardjr

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2-Day Time Frame:

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We are in a BULL Market. WHY am I saying that? Because I want you to pay attention to the 21-EMA in the WEEKLY Chart "ONLY" during a bull market. WHY? Because the 21-EMA acts as SUPPORT in a BULL Market and acts as RESISTANCE in a BEAR Market. So, I say again, We are in a BULL Market. We had one time in a Bull Market in 2016 in which the price fell substantially below the 21-EMA. That was because of the BitFinex inside hack job of July, 2016. We don't have that this go around.

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As I mentioned earlier, "There is still a decent chance this is only a TIME correction (going sideways within a trading range before continuing up) instead of a PRICE correction (going down 25% or more to refuel before turning back up). I prefer you dollar cost average to get in at every significant dip on the way down since we have a hard time knowing if this is a simple TIME correction or a PRICE correction. If this ends up being a PRICE correction, it can take several weeks before finding bottom. If you are wondering where the absolute bottom would be in a PRICE correction of 25% or more, then have a look at the 21-EMA in the WEEKLY Time Frame in the chart below. You will see it is currently at $7,060. It will continue rising each week as the price falls each week to meet it. I expect the price range for absolute bottom of a MAJOR PRICE correction would end up being between $7,100 and $7,500.

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My bad... I forgot to show a price range for you. It's hard to see what price range without prices available. Here they are:

It's possible this may stair step down over time. Which means it may not come down in this one 24h candle. It could take several days or up to several weeks. If you feel more comfortable dollar cost averaging by simply buying each significant dip on the way down, then do it that way. Nothing wrong with doing it that way if you want to avoid missing out just in case it does not drop as low as I'm suggesting. After-all, I did say to place buy orders ABOVE, WITHIN and BELOW that yellow box.

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Hopefully, everyone had a stop loss, stop limit or trailing stop in place and it was triggered earlier today. If you want to see where I see the price potentially falling to, that would be in the price range identified by the yellow box. You can scatter buy orders a little above, some within and maybe a few below the yellow box.

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Posting 24h again to show additional information with the Phoenix Ari and Stochastic RSI.

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Posting an update of the 24h chart again for you to compare to the previous time I posted it around 9 hours ago: Keep in mind I also drew some lines inside the indicators to show the possible future trek of the Red RSI inside Godmode; the Magenta RSX inside Phoenix 1.391 and the Blue leading line of the Stochastic RSI.

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Quote from: exstasie on June 27, 2019, 02:47:19 AM

Quote from: dmwardjr on June 26, 2019, 11:21:21 PM

A look at the 24h TF:

A correction by price, or just time? Always an eternal question at times like these. My gut is/was telling me that a deep shakeout similar to mid-May could be in the cards. Very unpredictable though! All we can do is set our stops and react to the market.

Great stuff, dmwardjr. Thanks for the updates.

Yes, I too am leaning towards a fairly decent correction similar to mid May, 2019. I'm thinking if we do have that correction without going below $9,948.98; then bouncing back up to $11,399.70; we stand a good chance of this only being a time correction and the bull trend is on for a higher high to a price range between $14,780.60 and $16,096.08. Below is a chart to let you see where those price targets are in relation to history:

exstasie

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Quote from: dmwardjr on June 26, 2019, 11:21:21 PM

A look at the 24h TF:

A correction by price, or just time? Always an eternal question at times like these. My gut is/was telling me that a deep shakeout similar to mid-May could be in the cards. Very unpredictable though! All we can do is set our stops and react to the market.

Great stuff, dmwardjr. Thanks for the updates.

dmwardjr

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Here is a REMINDER of what the Purple Energy in the Weekly (Far Left), 9-Day (Center) and 2-Week (Far Right). I placed black circles on the Purple Energy in the Weekly where it turned back up above the 50% level in 2012 and 2013. Then I generated the other two time frames while keeping the black circles in the same location so you could see what the Purple Energy looked like in the 9-Day and 2-Week TF's in 2012 and 2013.

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It's STILL POSSIBLE this may only be a "TIME" CORRECTION with sideways price action within a $1,200 price range instead of a "PRICE" CORRECTION resulting in a 25 percent or more drop. Which is why I said, "If you want to play it safe and sell a small percentage to lock in some profits, while continue to hold with a larger percentage and a rather tight stop loss/stop limit in place.

If you decide to put a rather tight stop loss/stop limit in place, you will be forced to stay on top of it if a drop ensues to trigger your stop loss/stop limit order. Cause it's still hard to say if the drop will be sustained for a while or if it will only be brief because of what we are seeing with the Purple Energy in the Weekly, 9-Day and 2-Week Time Frames (TF's).

The Purple Energy in the Weekly TF (Far Left) and 9-Day TF (Center) appears as if it MIGHT try to go above the 50% level in a similar way it did back in 2012 and 2013.

The Purple Energy in the 2-Week TF (Far Right) is currently at 70% level and still has room to fall to the 50% level to seal the deal for sustained downward pressure.

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Video titled, "Follow-Up to Previous Video After New 3-Day Candle Has Begun."

https://www.tradingview.com/chart/BTCUSD/vxFSP6kC-Follow-Up-to-Previous-Video-After-New-3-Day-Candle-Has-Begun/

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A look at the 24h TF:

Topic: Wyckoff Mode Technical Analysis - page 34. (Read 12112 times)