[ Trading ] Wyckoff Method and the current Bitcoin chart
At the moment we are still in a correction wave. Bitcoin was down to $7300 and currently at $7360. Support has been broken one by one on the way down. If $7300 breaks we are going lower. But how far?
I found a very interesting chart today on Tradingview. It is a trading idea from xuanhaimmoer on Tradingview. He thinks the Bitcoin price is following this chart exactly. It looks like it.
According to this Wyckoff chart we have support at between $6930 and $6530 before going higher.
What do you think?
Here is more info about Wyckoff: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method
Do you think support at $7300 will hold?
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We are almost there at $6500 to $6900. That will mean a higher low, then we just need a higher high and we are in bull market again! :)
Bitcoin and Alts are very weak at the moment. If Bitcoin goes down to 6500 again, immaige how low the Alts will go! Crazy low.
If Bitcoin crashes to $6,500 we will certainly see some extremely cheap and under valued altcoins!
Today proved to be another difficult day for investors and traders as price was unable to push higher to retest the resistance of $7,800. Instead we saw price reject the 200ema at the $7,700 level and fall lower towards the support at $7,200. The weekends often have low volumes and far less movement then the week days so i am expecting prices to stay around the $7,250 - $7,400 area.
If we go down to the 4hr timeframe we can see the clear rejection price saw as it tested the 200ema, forming a strong bearish engulfing candle as soon as price touch this area. Today also saw price find its feet at the $7,250 region, i expect we could see prices fall to around the $7,200 later today and really testing the strength of this support level.
Very good analysis. Thank you for sharing.
If we can consolidatae at around 7200 and then go up again, it will be great. But I get the fealing many commentators are expecting Bitcoin to go to 6500 and then rebound. Which is also ok, as long as we don't go below 5900.
Very true. There is huge amounts of speculation that price will fall back to atleast $6,500 before we really begin the bull run which at this stage is very likely and definitely possible. Its going to be an interesting few weeks!