I am watching this idea like a hawk. Wyckoff accumulation with a 1.618 Fibonacci target sitting right below us at $16,783 on this chart (Fib from 28.8k to 69k). Daily stochastic RSI is overbought curving down.
Yellow bear flag that has bearishly retested the flag, targets around $17k. Which would most definitely cause panic in the market as it would create a new low. Which in fact is a perfect setup for a huge, short squeeze. So far Wyckoff accumulation is filling out and is awaiting the possible panic causing spring. Please keep the 1.618 fib target sitting at $16,873 in mind and possibly place some longs there not financial advice. If the 1.618 holds at $16,783 watch the falling wedge for a break back inside the wedge (if it breaks out, it may with the spring and slowly get back inside the wedge and breakout to the upside for a mega bounce.) I will keep updating this idea as the days go on if anything big happens. So far this seems like a likely scenario.
Yellow bear flag that has bearishly retested the flag, targets around $17k. Which would most definitely cause panic in the market as it would create a new low. Which in fact is a perfect setup for a huge, short squeeze. So far Wyckoff accumulation is filling out and is awaiting the possible panic causing spring. Please keep the 1.618 fib target sitting at $16,873 in mind and possibly place some longs there not financial advice. If the 1.618 holds at $16,783 watch the falling wedge for a break back inside the wedge (if it breaks out, it may with the spring and slowly get back inside the wedge and breakout to the upside for a mega bounce.) I will keep updating this idea as the days go on if anything big happens. So far this seems like a likely scenario.
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LONG TRADE NOW ACTIVE! GOOD LUCK IF ANYONE TAKES IT!
