Chart should pretty much say it all.
I do expect an Upthrust event, which I don’t think has happened yet, followed by a sharp drop with LARGE . It will typically be the the largest candle within the price structure, and that is how we will know that we are in the middle of Phase B and extending into Phase C before the big selloff.
If you are going to play this, I would only tell you to safely long to 9700, take profit and then initiate a short for the long haul.
In case this is already Phase C and we are headed for the MSOW, I would do SL on your long at 9100. I expect the MSOW in Phase D to be roughly around 8600-8700, with an eventual bounce back to 9k.
If that is the case, initiate the short from 9k.
I’m telling you guys right now. I’m fairly sure crypto Winter is coming after phase D and it will be harsh, bitter, and pretty long. I can’t with any certainty tell any of you to “buy a bounce” anywhere near here. I personally initially thought that we just bounce down to 8k and fly to the moon, but Mr. Wyckoff and his method in detecting institutional entries and exits completely disagreed with my sentiments. The Wyckoff trading method told me that the institutional money has and is currently in the process of unloading all their bags right here right now. (see previous idea)
Published at Sat, 02 Nov 2019 23:59:58 +0000