Copied and pasted the cover chart for this publication below for easier viewing and reading of text bubbles:
The Purple Text bubbles were for when we were in Phase C and D of Wyckoff Distribution Schematic. The Black text bubbles are for when we reverted from Distribution to Accumulation. Hence, this NEW Accumulation Schematic Publication.
I'm expecting us to go down for a Second Test ( ST ) of DEMAND/SUPPORT after we reach the top of our current Automatic Rally (AR) we've been working on. We may have already reached the top. Hard to say at the moment. Not sure if the lower or upper dashed black line is the top yet; before we head back down to TEST DEMAND/SUPPORT.
In case you're new to my publications:
Here is an image of a Richard Wyckoff Accumulation Schematic: https://imgur.com/945poSJ It's IMPORTANT TO NOTE the price action does NOT have to play out EXACTLY the way it's depicted in the Schematic by Wyckoff. It's ONLY an example of POSSIBLE price action within the schematic.
Here is a link with further information on the EVENTS TO OCCUR WITHIN THE SCHEMATIC. It was put together well in a short synopsis of Wyckoff Schematics: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method
Books by Wyckoff can be found here. However, make sure to scroll down till you see the name, Richard Wyckoff. MANY other books on trading can be found here as well. Excellent source of trading material FREE online: http://www.traders-software.com/Trading%20Books/
An excellent video to start with on teachings for Wyckoff by David H. Weis can be found here: "David Weis on Wyckoff, , and Waves" - https://www.youtube.com/watch?v=uzISUr1itWg&=&ytbChannel=BigMikeTrading
Charts with indicators will follow soon. However, NOT immediately this time. As I have recently posted charts with indicators in this previous publication below. THE MAIN REASON FOR THIS NEW PUBLICATION IS TO MAKE A CORRECTION ON THE PROPER SCHEMATIC FOR BTCUSD .
Here is the publication with recent updates of charts WITH indicators.
This will be interesting to see which prevails. Will it be the indicators that prevail - OR - Will it be my TA in regards to Wyckoff that prevails. Only time will tell.
I think it's important to note in this TF how "high" the Blue LSMA is in Phoenix 1.118 and Phoenix 1.38. Also note how the Stochastic RSI is falling down as well. However, the Phoenix ARI is remaining at full 100% but NOT GREEN; it's ORANGE (for caution). BROWN is not good for Phoenix ARI.
So, COMPARED WITH THAT PAST EVENT you can tell they are VERY DIFFERENT:
The name of the indicator is called "Godmode 3.1 mod with LSMA"
I placed it at the top above Phoenix 1.118 for you to compare the two and see there is very little difference. The only other thing you would need to add is Stochastic RSI above or below it.
ALSO: Do NOT ASSUME we must go lower in our TEST in PHASE B as depicted in that Accumulation Schematic EXAMPLE provided in that image in the link I just provided. That image is ONLY AN EXAMPLE. It does NOT have to play out EXACTLY as depicted in that EXAMPLE.
”…all the fluctuations in the market and in all the various stocks (crypto) should be studied as if they were the result of one man’s operations. Let us call him the Composite Man, who, in theory, sits behind the scenes and manipulates the stocks to your disadvantage if you do not understand the game as he plays it; and to your great profit if you do understand it.”
However, the HIGHER TF's would SUGGEST we may still have more room for upside potential based on the Blue LSMA. However, the Blue LSMA is close to 80% now.
So, we're getting very mixed signals at the moment. Mainly from what we see in the shorter TF's we are getting downside pressure.
The Higher TF's are giving mixed signals currently.
360m With indicators:
We should have a better idea of whether we make it down to the 0.5 FIB and/or 0.618 FIB as it progresses downward WHILE looking at the indicators.
What I'm trying to find out : Would we have our FIB coordinates like I have set in the Purple FIB or in the Blue FIB ???
Next question: Would we expect the price action to go down to the 0.618 FIB in either case ???
This is my last post for several hours. I need to get some sleep. I've been up all night. Mainly working in the mining room. It's currently 10:25am.
Happy trading... :)
There is a POSSIBLITY we may not go down much at all where we are located currently. I'm posting this immediately while looking at other TF's.
I'm going to other TF's:
This is an excellent episode that came out today: "As The Old Economic System Breaks Down, A New One Is Born From The Ashes" (With Crypto): https://www.youtube.com/watch?v=gfl5t6Pdjhg
Looking like $9,600 may have been bottom here. This could be reversal to the upside.
720m AND 1080m TF's:
1440m AND 2-Day TF's:
Currently a LOT of MIXED signals at CURRENT location. The Phoenix ARI (at the bottom of TF) seems to indicate upside pressure is more dominant over the Long Term in the 2-Day and 3-Day TF's. The 4-Day TF is still "IFFY."
First off, I'm still on the ropes in regards to whether we are on a Second Test (ST) in Phase A or a TEST (for support) Phase B. Hence, the reason you see some text bubbles with White filler and black border with black text. I'm leaning more that we are in Phase B with TEST in Phase B in progress.
Daily (1440m) TF:
Here is the 12h (720m) TF; I will post it again in approximately 50 minutes when this currently 12h candle is completed and a new one begins. I will post comments on the 12h indicators the next post when the indicators update.
Odds are HIGH we are continuing downside pressure for at least the next 12 to 24 hours. As to whether we have a DECENT drop or not that will BEGIN this candle; it's hard to say. However, the ODDS are kind of high we will have a decent drop.
I simply wanted to point out it's POSSIBLE to go down to the 0.618 FIB at $8,158.96. I'm simply going on a hunch we go to the black line angled downward to the 0.5 FB. In either case, we're having more downside action which will result in more downside price action.
And this video by the same channel as well:
I like the fact you're putting forth the effort to learn... for sure...
This will take a bit for me to explain with a chart of my own. Give me some time to work on it and get back with you.
By the way, no disrespect was intended when I said, "I like the fact you're putting forth the effort to learn..."
Some traders think they know everything when they don't. I will most certainly admit I don't know everything and doesn't make me feel bad at all to admit it publicly.
As are most of us... :)
Cool... Thought you might enjoy it.