Wyckoff Mode Technical Analysis - page 4.

dmwardjr

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Quote from: JL0 on May 13, 2020, 07:30:28 PM

Quote from: dmwardjr on May 13, 2020, 07:27:02 PM

New 12 hour candle beginning very soon...
[img]https://www.tradingview.com/x/0wpsnv07/[/img

Thank you David. Do you think we are in a Bullrun now ? Is this a good buy option?

Yes, a bull run is underway in my opinion... Wink

JL0

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Bitcoin the Digital Gold

Quote from: dmwardjr on May 13, 2020, 07:27:02 PM

New 12 hour candle beginning very soon...

Thank you David. Do you think we are in a Bullrun now ? Is this a good buy option?

dmwardjr

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Technical Analyst/Trader

New 12 hour candle beginning very soon...

dmwardjr

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dmwardjr

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Quote from: exstasie on May 13, 2020, 01:50:53 AM

Quote from: dmwardjr on May 12, 2020, 10:08:46 PM

BTCUSD: Possible $1,500 Move to the Upside Within Next 22 hours. https://www.tradingview.com/chart/BTCUSD/cxWEXs8p-BTCUSD-Possible-1-500-Move-to-the-Upside-Within-Next-22-hours/

Interesting. Regarding the CME gap, we should note that a similar downside gap in March wasn't filled for 2 months. There was a 57.5% drawdown during that time.

I'm skeptical until the market recovers above the May 10th selloff candle ($9,565 Bitstamp). That was the highest daily USD volume we've seen since the March crash, which could indicate trend exhaustion. With no strong engulfing candle from bulls like March 30th or April 16th, and with bears barely shorting the market anymore, I need to see more evidence before assuming bullish continuation.

Until we actually break the yearlong stretch of lower highs with authority, a re-accumulation phase looks very possible to me:

Quote from: exstasie on May 11, 2020, 07:25:34 PM

Hi Exstasie,

Understand your caution...

BTCUSD - "My Argument for Upward Pressure DURING a Block Halving Event." https://www.tradingview.com/chart/BTCUSD/p2WXasii-My-Argument-for-Upward-Pressure-DURING-a-Block-Halving-Event/

exstasie

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Quote from: dmwardjr on May 12, 2020, 10:08:46 PM

BTCUSD: Possible $1,500 Move to the Upside Within Next 22 hours. https://www.tradingview.com/chart/BTCUSD/cxWEXs8p-BTCUSD-Possible-1-500-Move-to-the-Upside-Within-Next-22-hours/

Interesting. Regarding the CME gap, we should note that a similar downside gap in March wasn't filled for 2 months. There was a 57.5% drawdown during that time.

I'm skeptical until the market recovers above the May 10th selloff candle ($9,565 Bitstamp). That was the highest daily USD volume we've seen since the March crash, which could indicate trend exhaustion. With no strong engulfing candle from bulls like March 30th or April 16th, and with bears barely shorting the market anymore, I need to see more evidence before assuming bullish continuation.

Until we actually break the yearlong stretch of lower highs with authority, a re-accumulation phase looks very possible to me:

Quote from: exstasie on May 11, 2020, 07:25:34 PM

dmwardjr

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BTCUSD: Possible $1,500 Move to the Upside Within Next 22 hours. https://www.tradingview.com/chart/BTCUSD/cxWEXs8p-BTCUSD-Possible-1-500-Move-to-the-Upside-Within-Next-22-hours/

dmwardjr

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A look at the Weekly Time Frame with price action and most all indicators:

A look at only the price action:

dmwardjr

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"Upward Pressure DURING Block Halving Event Continued w/Lower TF's." https://www.tradingview.com/chart/BTCUSD/02ESmxVK-Upward-Pressure-DURING-Block-Halving-Event-Continued-w-Lower-TFs/

dmwardjr

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BTCUSD - "My Argument for Upward Pressure DURING a Block Halving Event." https://www.tradingview.com/chart/BTCUSD/p2WXasii-My-Argument-for-Upward-Pressure-DURING-a-Block-Halving-Event/

dmwardjr

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dmwardjr

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Quote from: JL0 on May 07, 2020, 07:27:11 AM

Hi David,

thank you for the Update Grin

Always Up-to-date

Do you still think that we may fill that CME Futures gap on $7,645 ?

As others have pointed out to me; it's rare for the market to fill a gap seen in the 4h Time Frame like I pointed out. We are more apt to fill CME gaps seen in the Daily (24h) Time Frame. The only way I see us potentially coming back down to $7,645 again is if we were to go up only to $10,500 and no higher. THEN I can see $7,645 likely possible. However, if we run up to $14,611 as shown in previous posts, I'm not seeing $7,645 on the ticket.

JL0

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Hi David,

thank you for the Update Grin

Always Up-to-date

Do you still think that we may fill that CME Futures gap on $7,645 ?

dmwardjr

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dmwardjr

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"Highly Likely We Stay The Course to Breakout of the Triangle." https://www.tradingview.com/chart/BTCUSD/HNiKL2P9-Highly-Likely-We-Stay-The-Course-to-Breakout-of-the-Triangle/

"CHANCE For a Shakeout on Wednesday, May 6, 2020 to low $7K's."
https://www.tradingview.com/chart/BTCUSD/2nOcSsww-CHANCE-For-a-Shakeout-on-Wednesday-May-6-2020-to-low-7K-s/

dmwardjr

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CME Futures Gap at $7,625...

Of course, I would prefer we go ahead and fill the CME Futures Gap at $7,625 "BEFORE" we continue going up rather than after we go up. Filling the gap afterward (as mentioned in the Aqua Blue Text Bubble) holds us back from going as high on this current run up till last week of May to first week of June. My opinion of course.