BitcoinLong
BTCUSD potential accumulation in progress + additional thoughts
Updated
Greeting to everyone! Time flies, I haven't posted much recently, but this chart seems important to me, so I decided to share it.
Some may call it hopium, but I WANT TO BELIEVE! :) The current BTC state reminds me a lot of Wyckoff accumulation method. So this is <<<SCENARIO 1>>>. http://d.stockcharts.com/school/data/media/chart_school/market_analysis/wyckoff3/wyckoffaccumulation.png
Also, the recent BTC crash didn't affected ALTS much (yet).
Now we can 1-2-3x long - just use low leverage. I am prepared for <<<SCENARIO 2>>> 6k support becomes resistance and many more months sideways and accumulation between 3500 and 6000. So I've layered low leveraged buys down to 4800-4500.
We had a long sideways period, so the upcoming weekly and monthly close will be very important. 6k support finally felt after so many tries, at some point it will be tested from below. Reaction will be interesting. Most likely will short hedge once we approach the level as everyone and their grannies. ;)
Stay safe, don't over-leverage and don't forget this is not a call and I am NOT a financial adviser.
Some may call it hopium, but I WANT TO BELIEVE! :) The current BTC state reminds me a lot of Wyckoff accumulation method. So this is <<<SCENARIO 1>>>. http://d.stockcharts.com/school/data/media/chart_school/market_analysis/wyckoff3/wyckoffaccumulation.png
Also, the recent BTC crash didn't affected ALTS much (yet).
Now we can 1-2-3x long - just use low leverage. I am prepared for <<<SCENARIO 2>>> 6k support becomes resistance and many more months sideways and accumulation between 3500 and 6000. So I've layered low leveraged buys down to 4800-4500.
Stay safe, don't over-leverage and don't forget this is not a call and I am NOT a financial adviser.
Note
As we witnessed this wasn't accumulation. Since this chart is no longer valid, unless huge recovery, for which I doubt. I have an accumulation speculation idea on these levels. We haven't been at the 3k region for more than 14 months. I've made a possible scenario, watch it here:
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