The PURPOSE of this publication is to reveal we are currently forming a Wyckoff Distribution Schematic and still in early events of Phase B. As to whether we will see Distribution Schematic #1 or #2 play out is unknown at this time. This is why it's helpful to also use OTHER indicators.
Here is an image of Distribution Schematic #1: https://i.imgur.com/nOJl0Dd.png
Here is an image of Distribution Schematic #2: https://i.imgur.com/nVvme5Z.png
I personally do not believe Schematic #2 will play out but more than likely #1 will be in play. Also, it's too hard to say at present whether we extend above resistance or remain at or around resistance lines when we make this trip upside over time. We may take quite some time to get to the peak of our Up Thrust (UT) to test supply and remain in a trading range for quite some time.
Do NOT assume things will play out EXACTLY as depicted in the images of those schematics. Those images are ONLY to provide an idea of the sequence of events to occur during these distribution schematics.
ALSO: I'm NOT saying this is how things will play out with the arrows I have drawn. I'm simply speculating there.
For more information about these schematics, study this link here: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method
I will not provide updates on this particular publication as often as I will other publications for BTCUSD . This publication will mainly be used ONLY for the purpose of keeping up with events that play out in the schematic. Keep in mind these are 7-Day candles.
An excellent book to gain a "modern" day knowledge of Wyckoff rules and schematics can be found here: "Trades About to Happen: A Modern Adaptation of the Wyckoff Method" https://www.amazon.com/gp/product/0470487801/ref=oh_aui_detailpage_o01_s00?ie=UTF8&psc=1
An excellent video to start with on teachings for Wyckoff by David H. Weis can be found here: "David Weis on Wyckoff, , and Waves" - https://www.youtube.com/watch?v=uzISUr1itWg&=&ytbChannel=BigMikeTrading
Books by Wyckoff can be found here. However, make sure to scroll down till you see the name, Richard Wyckoff. MANY other books on trading can be found here as well. Excellent source of trading material FREE online: http://www.traders-software.com/Trading%20Books/
Wyckoff 7-Day TF UPDATE [Ignore purple and red arrows. They were drawn in lower TF}:
It's currently looking like it may not go up much further at this point in time according to the indicators in this TF. Volume is rather low as well...
I personally believe the dude just recently saw an article on Wyckoff and thought he would PRETEND to know Wyckoff in an effort to show support for his gloom and doom.
I provided several older publications of my own in his publication to TRY to explain to him we do not have to fall into a Phase E for months of bear trend and that it totally resides on one of Wyckoff's laws on the law of supply and demand.
The dude contacted a moderator and had my posts taken down on his publication. People can follow him all they want to. That's fine... However, be warned about ANYTHING this guy PRETENDS to know in regards to Wyckoff:
Before clicking on this publication, it's important to note that TV scrunches up the cover chart on initial posting which forces me to copy and paste it below in comments:
That dude is basically pulling the same crap as this article; supposedly prophesying gloom and doom.
I'll refrain from being quick to react to defend the Wyckoff name in the future based off the excellent advice from @tviewcrau
Pardon me if the post above offended anyone or rubbed them the wrong way.
Reminder to new-comers to crypto: Each candle is a period of 4-Days in this chart. Hence, 4-Day TF.
You can see the wedge I've drawn as to WHY the first black arrow went up to 0.618 FIB at $12,154.44 to the top edge of the blue dotted line wedge I've drawn.
Other arrows have been drawn for other possibilities of price movement between now and early June.
Here is the Daily (1440m) TF: [I added one new text bubble in the top indicator - Phoenix 1.118 (Godmode w/LSMA).
Here is the 12h (720m) TF:
Here is the 6h (360m) TF:
Keep in mind, I went to FORMAT (spinning wheel) for Godmode to change the inputs to 9,6 and 3 and clicked the plus (+) symbol to add Liquid Square Moving Average (LSMA) - changing its input to 32 in formatting. Once those edits are done to the format and you added an LSMA within Godmode 3.2, you will see there is little difference between it and Phoenix 1.118.
Yes, I changed color schemes, thicknesses of lines, inputs, etc... I'll give more info later after I've had time to sleep. I can hardly keep my eyes open any longer. I need a nap. I'll catch y'all later...
Here's an update on what we look like in the Daily (1440m) TF with no comments added. I want to give the opportunity for others to determine what the indicators are showing in regards to current upward pressure in the Daily TF. Feel free to comment or ask questions. I'll get to them when I can. I'm about to go downstairs to work in the mining room.
However, in order for that to occur, we would have to see similar action in the 720m (12h) TF within the Phoenix 1.118 (Godmode Oscillator 3.2) that I circled in red from a past event at our current location. Which see:
We "could" potentially go higher into the yellow rectangle trading range. Hard to say just yet. We are kind of straddling the fence as to whether we go to the higher yellow trading range or stay in the Cyan (Aqua) trading range.
My "guess" is around my 0.5 FIB at $9,834. It could be as low as $9,490. Hard to say at the moment.
If we do end up following the red track, it's very likely I end up editing some of my possible tracks based on what I'm seeing in the indicators.
This purple arrow heading down and to the right is also a critical crossing point where we may see quite a bit of resistance. Won't know it that goes till we reach it. That should be around the $11,050 to $11,180 price range:
The $11,050 to $11,180 price range may be where we see our dip AND whether or not we continue upside to the 0.5 FIB or come down from there.
Something told me that Purple line would probably be the place for turn around in the current trend...
However, we might still make it up higher, based on the 1440m (Daily) TF. There's still room for the Blue LSMA to climb to 80% BUT NOT THAT IT MUST go to 80%.