Bitcoin is moving in the typical algorithmic flow with a Wyckoff template. We had swing high in the larger weekly structure (thick brown borders) which immediately produced an expected downward correction. This corrective move manifested itself into a descending triangle, which ultimately broke down on Sep 24th on a high volume selling day. It dropped to the 61.8% fib which absorbed it with strong support. Reference: www.tradingview.com/...GZXYM-Bitcoins-path/
This is what we call a selling climax followed by what Wyckoff termed secondary tests of this support line. It is common to have secondary tests of a support line followed by a selling climax. Oct 23rd showed us the typical shake out and spring which returned the price to the trading range. This is an exact playout of a Wyckoff schematic.
The spring took us right up to the last point of support, where it is consolidating as we speak. There will be a sign of strength coming forward which will take us to about 10900.
This is what we call a selling climax followed by what Wyckoff termed secondary tests of this support line. It is common to have secondary tests of a support line followed by a selling climax. Oct 23rd showed us the typical shake out and spring which returned the price to the trading range. This is an exact playout of a Wyckoff schematic.
The spring took us right up to the last point of support, where it is consolidating as we speak. There will be a sign of strength coming forward which will take us to about 10900.
Komentar:
Well, this CLEARLY shows not even I know what bitcoin will do. You can see that the "Last Point Of Support" proved to be a CRITICAL hard line resistance. These moves that transpire at precise supports and resistances shows the level of control bitcoin is under by HFT machines.
P.S. I have my Bitcoin, do you?