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Bitcoin fenced in by price channels
Created on: 9/24/2019 6:31:36 PM   Last Update: 9/24/2019 6:33:06 PM Posted by: RTT

bitcoin-fenced-in-by-price-channelsPrice channels are a wonderful thing, the show true support and resistance, and fence in market noise.

Previous Post: Bitcoin 2019 fractal with Gold 2013 , Bitcoin Wyckoff Accumulation Pattern 


A sudden and sharp test of the downside was expected (see post 14 Aug 2019). 


BTC



In Wyckoff logic terms the current (2019-09-24) sharp attack (10% drop) on price support lines still may qualify as a high volume spring, and of course will require further testing to prove it is not a dramatic sell off. We will wait and see.

Yes risks are very present and the not so good news of the go live Bakkt bitcoin futures contract has been used for such an attack on support lines. Yet this is a side note as bitcoin continues to be digital gold, plus for the big boys to get in they must maneuver prices lower to acquire volume to accumulate at discount prices. Mission accomplished!


Channel lines fencing in bitcoin market price action noise.

Short term view


Bitcoin 1




Longer term view


Bitcoin 2






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Changes in the world is the source of all market moves, to catch and ride the change we believe a combination of Gann Angles, Cycles, Wyckoff and Ney logic is the best way to ride the change, after all these methods have been used successfully for 70+ years. This post is a delayed and small sample of what is avaliable to members. Sign up to enjoy the full service.

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Investing Quote...

.."Tape reading is rapid-fire horse sense...The Tape Reader aims to make deductions from each succeeding transaction -- every shift of the market kaleidoscope; to grasp a new situation, force it lightning-like through the weighing machine of the brain and to reach a decision which will be acted upon with coolness and precision"..

Richard D Wyckoff


..“It is much harder to sell stocks correctly than to buy them correctly.” Because of the emotional aspect of trading, if a “stock went up, the average investor would hold because he wants more gains – he’s exhibiting greed. If the stock declines, he also holds on and hopes the stock will come back so he can at least sell and break even – he’s hoping against hope”..

Bernard Baruch


..“How many millionaires do you know who have become wealthy by investing in savings accounts?”..

Robert G Allen


.."Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected"..

George Soros


..“Bull markets are born on pessimism, grow on scepticism, mature on optimism and die of euphoria.”..

John Templeton




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