BitcoinDiupdate April to May, accumulation and distribution, fib pitchforked
April to May, accumulation and distribution, fib pitchforked
During charting the whole move from april to now one centerline was always in my focus, and two parallels to that. I had been looking for the mathematical reason for that. Think I found it, make up your own mind.
The chart also details the phases of accumulation and distribution, recently the breakling of the ICE, which happens to be my fib centerline, and we have tries or are still trying to rally back to the ICE. If you like to know more about Wyckhoff and especially the rally back to ICE check in here:
If you find my charting useful don't forget to follow.
During charting the whole move from april to now one centerline was always in my focus, and two parallels to that. I had been looking for the mathematical reason for that. Think I found it, make up your own mind.
The chart also details the phases of accumulation and distribution, recently the breakling of the ICE, which happens to be my fib centerline, and we have tries or are still trying to rally back to the ICE. If you like to know more about Wyckhoff and especially the rally back to ICE check in here:
If you find my charting useful don't forget to follow.
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MY guess is a rebounce to the upper fib, then retest and break lower fib and reach out for 7890 in next 12-36 hoursCatatan
Added fib 1.618, as that one is in the green target boxCatatan
potential wave count: alternation rule 2/4, 2 sharp, 4 flatCatatan
It could be that wave 3 terminated at 8100, which plays nicely with fibs, that would mean a retrace in the steps 8400, 8593, 8744 maxCatatan
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wave 4 calculated correct by 13 pointsCatatan
Stop on one of the two fibs
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Most confluence at 7770, but I think it will stop at the fib line around 7860-7790 (depending on time it takes to get there
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retrace now 8128Catatan
if wave 4 finished at 8160, then confluece at 7806-7617Catatan
Sorry, 7805-7817Catatan
Wave 5 can also be truncated if too many people FOMO inCatatan
8599 hit, short now, wait if it goes above 8600, then probably 1.618 extension to 8804
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Sorry, not so much time latelyCurreent pullback or already further markdown, but I guess first some ranging (Wyckhoff theory again, will update soon).
Current situation might be five wave down (already too far for abc), next support 8284 and 8199, 8200 last stand for bulls, hitting 0.382 fib of move upward and downtrend line from 9990
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Downtrend channel broken, could reverse hereCatatan
MACs and RSI close to breakCatatan
Waiting for ABCD pattern to emerge:Catatan
Close to target, wedgingCatatan
Touchdown in zone, 35% filled at 8212Catatan
More moderate targets now, weak bullish reaction, see chartCatatan
Very weak reaction, setting SL to breakeven. Average buy 8202, SL 8214Catatan
I fear further downCatatan
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Next 24 hoursCatatan
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Bad if 0.618 (7238) is broken by much
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Bigger pictureCatatan
See new idea for further updates:
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