The following link is an image of a Wyckoff Accumulation Schematic #1: https://i.imgur.com/gcrmXTd.png
Phase C is beginning in this Wyckoff Accumulation Schematic #1 for BTCUSD "IN MY OPINION."
It is in phase C that the coin/stock price goes through a decisive test of the remaining supply, allowing the “smart money” operators to ascertain whether the stock is ready to be marked up. A spring is a price move below the of the TR (Trading Range) established in phases A and B that quickly reverses and moves back into the TR . It is an example of a bear trap because the drop below support appears to signal resumption of the downtrend. In reality, though, this marks the beginning of a new uptrend, trapping the late sellers, or bears. In Wyckoff's method, a successful test of supply represented by a spring (or a shakeout) provides a high-probability trading opportunity. A low-volume spring (or a low-volume test of a shakeout) indicates that the coin/stock is likely to be ready to move up, so this is a good time to initiate at least a partial long position with the capital you're willing to invest in the particular coin/stock.
The appearance of a SOS (Sign Of Strength) shortly after a spring or shakeout validates the analysis. As noted in Accumulation Schematic #2 in this link http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method , however, the testing of supply can occur higher up in the TR without a spring or shakeout; when this occurs, the identification of phase C can be challenging.
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.
PLEASE WATCH IT....
720m (12h) TF:
1440m (Daily) TF:
Sure, it's possible. I'm not going to say that will NOT occur but it's my opinion that scenario is not as likely as the one I envision with a Wyckoff SPRING beginning mid March to Mid April and coming to a climax in mid May to mid June.
Here's a look at the indicators in the 180m TF. It's certainly possible we get a bounce up around this 0.618 FIB RT when looking at the indicators. I'm still trying to determine if we stay up off this bounce.
Here is the Daily (1440m) TF "TODAY":
A look at the Daily (1440m) TF WITHOUT indicators:
If we go below the lower black line of that LARGE BLACK WEDGE I've drawn on the chart, then it's likely we are following the Blue Schematic and not the Black Schematic.
"Meaning, if the Blue LSMA has not made it down to the 20% level yet AFTER coming down from an 80% or higher peak, we should probably be VERY careful about drawing conclusions of a potential reversal UNTIL THE BLUE LSMA HAS MADE IT DOWN TO THE 20% OR LOWER LEVEL.
Hopefully, that made my previous statement more clear.
The Black Schematic I first posted was rejected and the Blue Schematic is in play. Now that the Blue Schematic is in play, we have two possibilities. We will not realize WHICH Accumulation Schematic we are in until another 3 to 14 days.
Image of Accumulation Schematic #1: https://i.imgur.com/gcrmXTd.png
Image of Accumulation Schematic #2: https://i.imgur.com/vJDN6um.png
Both Schematics with description of EVENTS within the schematics can be found in the following link: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method
If we drop substantially below the lower black line of the big wedge I've drawn, we are more than likely in Accumulation Schematic #1: https://i.imgur.com/gcrmXTd.png
If we remain at or near the lower black line of the big wedge before going up, we are more than likely in Accumulation Schematic #2: https://i.imgur.com/vJDN6um.png
I should have took time to do this yellow schematic a little better but it will suffice.
EXAMPLE OF ACCUMULATION SCHEMATIC #2 in RED:
I feel pretty good that wherever we go down to here, we will not stay down long at all. I believe we will come back up to the magenta BASE rectangle I placed on the chart. I'm "speculating" $7,200 to $7,555 range as low as we possibly go. Some may think I'm "crazy" for saying ONLY that low and not lower. I honestly don't care. I'm simply giving my "opinion."
360m (6h) TF:
This 720m (12h) and 1440m (Daily) are what I consider, "Mid Term."
720m (12h) TF:
1440m (Daily) TF:
720m/1440m TF's (Mid Term TA)
2-Day/4-Day TF's (Long Term TA)
Pay no mind to the red lines on the chart in the 2-Day and 4-Day. I have not updated those according to these higher TF's.
720m (12h) TF:
1440m (24h - Daily) TF:
Price Down Pick Up!!! https://www.youtube.com/watch?time_continue=41&v=SJGeZaM8rTo
I will tell ANYONE the same thing I told him:
"I could care less what you think. If you don't want to take me seriously, that's your prerogative."
My "ideas" I post are NOT forcing anyone to make their trades based on MY IDEAS. What I'm posting is simply an "IDEA."
If you don't like the idea, I would appreciate you not being sarcastic in remarks in the comments section. If you don't agree with the idea and wish to post an IDEA of your own in the comments section to ENCOURAGE DISCUSSION, I'm totally fine with that. I want to encourage discussion.
However, if your only intent is to be sarcastic and demeaning, I WILL report you to moderators.
Have a look at the 4-Day TF as well:
The title: "The Hammer Is About To Fall, The Central Banks Are Obsolete: V, Z, Cowboy and Frank" - https://www.youtube.com/watch?v=pPI5Lo9YvUU
Here is the 12h and Daily (720m & 1440m):
In the meantime, I thought you might like this look at the 7-Day TF in a Pull-Back-View (PBV):
180, 360, 720, 1440, 2-Day and 4-Day?
Per your request, CashFlowCrypto,
I'm posting the following TF's for those who use Godmode and Stochastic RSI: 60m, 120m, 180m, 240m, 360m, 720m, 1440m, 2-Day, 3-Day, 4-Day, 5-Day and 7-Day Time Frames.
60m and 120m:
120m and 180m:
180m and 240m:
240m and 360m:
360m and 480m:
480m and 720m:
720m and 1080m:
1080m and 1440m:
1440m and 2-Day:
2-Day and 3-Day:
3-Day and 4-Day:
4-Day and 5-Day:
5-Day and 7-Day:
Happy I could help... ; )
Depends on how much to the downside as to whether I would say we are officially in a Distribution Schematic with a SOW (Sign of Weakness) Phase D.