What do y'all think of the current weekly candle? Do we have a test here before we make a breakout or do we fall back with more accumulation?
This is not a full breakout like we had in November 2013. However, we seem to have a LOT of support and doubt seriously we go below $800 again. Let me say, "I would be surprised if we go below $800."
With current events going on in the world with Venezuela and India suspending large notes, I would not be surprised if we have a a test and a breakout in the same weekly candle.
I'm remaining cautious here until we know what the "Composite Man" is up to.
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I believe $991 is the point where we begin a "Correction."
I circled [In PURPLE] why I put $991.00 as the number to watch.
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We have a little bit of data (history) to go buy from 2013 past the $991 price point. I will be analyzing that shortly and posting it with comments.
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Posting a few charts first from 2013 as we zoom in to 45m chart. Here's the first one as we zoom in towards 45m chart with notes.
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Previous was a 2d chart. This one is a 1d chart:
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12h chart... (still zooming in, Folks).
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I may soon add "Purple Tiers" with the BTCUSD chart just as I have done with the XMRBTC chart. That will be later. Still working on zooming into 45m chart of current events.
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6h chart:
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3h chart:
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Price points and yellow horizontal rays tweaked and corrected a bit more after zooming in on the 3h. No big changes though.
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As much as I tried to scroll back to 2013 in the 1h chart, it just would not let me make it all the way back to it. Tried twice but it would not let me do it. I will make due with what's given to me. Still working on it. 01/01/2015 is the furthest it will let me go back in the 1h chart. Which see:
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2h chart:
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Just an update to let you know I'm on it. Still working... BTW, adding purple tiers to the chart tools.
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Still progressing with the 45m chart.
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Still updating:
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My apologies for being a little slow at getting these out. I should have been on top of it much sooner. My wife has been asking me to do a few things here and there during the middle of my BTCUSD publishings.
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psykko
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I am now looking at Wycoff's structural analysis and came across your work just by chance. I should say - your work is an outstanding example of how powerful really Wycoff's rules are. I hope you benefited well from this movement.
I'm assuming you have seen my other "ideas" using Wyckoff, since you went back this far in my ideas to dig up this old "idea?"
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@ProwdClown, I would not have gone that manic to look back that far in time even though it would have been worth it for educational purposes. Actually, i was researching Wyckoff events and the link popped in Google's search results, page 1 even :) I am looking at your more recent ideas though. I'd like to learn more about the method and real examples are extremely useful to look at. Thank you for sharing your work with us!
Sure, happy to share. I'm currently very busy with remodeling my mining room and helping my dad build his mining room. I also have business taxes AND personal taxes to get done. I'll be more back to full time trading and providing "ideas" after mining rooms and taxes are completed.
Cheers,
David
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@ProwdClown, Good luck with all that, cheers :)
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I changed the last note in the top right hand corner of the chart to announce we have "officially" broken across the plane for a breakout to the next correction.
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I have edited the top yellow line of resistance. I had it too high in the published idea.