BTC – SOW phase D in progress in local consolidation zone
Now, we did have a MUCH stronger Phase B SOW than I expected, we retraced a lot heavier than I thought, but I stayed in the trade knowing that the upthrust phase will come soon enough, it ALWAYS does. These market cycles ALWAYS repeat. Period. No matter how far down the sellers threw the price, I knew it was going back up. That’s just how the Wyckoff model works, and once you recognize which portion of it you’re in, you can commit to heavily trading it.
This should be a classic “snap back” of price into the . I am going to call the top of this around 11560. Not much to trade on, but you can still enter a long here and have it be fairly profitable, then short down from that point.
The real fun is going to be figuring out how far we retrace… Two current theories, not sure which one I like best, but I am going to give the shadow of doubt to us actually doing a triple bottom and bouncing up even further.
Why am I saying this?
First of all, I expect the DOW and most markets to keep going up a little further. I believe the DJI has at least another 6%-7% of growth to it before we have a GIANT dump that will likely wipe out 50% or more of our stock market. But the DJI has not entered its UTAD phase in distribution just yet, it is very close though…
So with all that said, I am more keen on BTC going up even a bit further simply because the markets will also move up. Both the markets and the BTC will basically co-ordinate dump together. All world markets in currently in the stages right before a massive selloff event, and most of all the markets are tied together, even BTC .
Yes…. In the long run we WILL for sure be looking at 6k prices… I am HOPING like all hell that we don’t actually go lower than 3k. That is a possibility folks… This is going to be the mother of all bear markets like the world has not seen. Even the 2009 crisis will not compare.
If you have not seen my Wyckoff analysis of the DJI, you can read it here: