BTC Wykoff Continuation all but inevitable without buy support

17 ก.ย. 2021

BTCUSD
Pending an act of the Almighty whales, it seems that the Wykoff has been confirmed. We have not seen buying power of sufficient force nor volume to reach key areas which would indicate a bullish uptrend however pitchforks reveal that a downtrend channel of decent reliability has been formed. It is my belief we are moving into the Wykoff distribution phase E and downward selling pressure will resume this weekend.

what I was commenting 2 days ago
Most likely a trap for several reasons
-Rsi oversold 4 hours W/ only half Price retrace from recent high(Conformation still in progress)
-This motion is typical of a Wykoff distribution event especially from phase D to E leading to a second larger drop(use previous crash this year as an example.
-Watched 5 different order books on exchanges. There was a suspiciously similar buy order that would move up simultaneously as well as suspicious(but not impossible) buy orders. I think this bull trap was created not by buying but by allowing the price to go up and assisting the price up as necessary. Anyone who says that this is crazy, there are multiple HFT Algos built specifically for bull traps with a massive bank and/ or whale backing.
-All altcoins are still following downtrends especially the BTC price-reliant ones. BTC has also still remained in a clearly definable down channel using the pitchfork tool
-7 MA ribbon still condensed
-Possible long term descending triangle

However, there remains the possibility that this is indeed an authentic uptrend:
-We need to land above 48300 in the next day and hold it, major historical support and resistance zone.
-After there will be some bumps in the 50k area but the really important area is the 50913-51000 area. this must be broken meaningfully in order to break any sort of supposed downtrend. if it does not break this past the 20th of Sep, we come to a very problematic area. We will have a large head and shoulders formation on our hands and absolute confirmation of the Wykoff. If this threshold is broken then the chance that the bull run reaches new highs increases *almost exponentially.

This is not a suggestion merely a possibility in this current reality.
-Staff at the soup kitchen

19 ก.ย. 2021

บันทึก

A small breakout past small pitchfork but looks like overall downward momentum continues as it was rejected at the upper-middle channel in large pitch W/ bearish divergence on RSI 48300 appears to be somebodies line in the sand.

The possibility exists if prices go below 47k with enough force we may be looking at a double top reversal on a current intraday uptrend. The realistic price outlook if the uptrend is broken is 45700, larger movement to 43200 possible if previous support breaks.
Movements downward can also go to 40k and 37K however buying at that level may be dangerous due to long-term possible outlooks.
Until the bulls can break and hold 48300 the next leg at 50300-5100 seems like the next level of resistance, however, may build an argument for rejection of the Wykoff event and even the possibility of a new ATH.

Who knows,
-The staff at the soup kitchen

20 ก.ย. 2021

บันทึก

lol corrected right back into the pitchfork. A trap as expected.
no top ramen for victor tonight,
-Staff at the Soup Kitchen

20 ก.ย. 2021

บันทึก

Bottom uncertain, stay tuned for Chinese market ripples I forgot Evergrandes loans are due tonight