Welcome everyone! We still have a lot of work to do on the 3-week timeframe to justify a move from the lower white B band to $18,580. We still have a lot of work to do in the 16-day period to justify a move from it’s lower white band B at $17,570.
3 week time frame:
16 days timeframe:
12 hours would have been the time frame used to close the long “swing” position. The 6 hour time frame could have been used to close a long position with a higher time frame. Not entering into the timeframes used to open positions; How can I find out what time frame to use to open and/or close a position; What are the prerequisites I need to see to open these positions; etc.
Can we accumulate and extend sideways with a resistance ceiling for this “range” of $17,570-$18,580? Could the minimum of this range be $15,479 to $16,350? Sure, it is possible. This is why we want to see if $15,479 can hold. If we break down below $15,479, the odds are so high that it is the beginning of a second signal of weakness in Distribution Phase E. If $15,479 can hold, there is a possibility that we are not in distribution but in fact in accumulation. Use August to October 2014 as an example of sideways movement before we roll back with another sign of weak Phase E. We should learn from this example and be careful not to make an overt statement one way or the other (accumulation or distribution).
Am I going to give scalping signals for these small bullish and bearish waves that we are seeing at the moment? No… My sole purpose here at TradingView is to provide education here and there along with my opinion on what we need to see to convince us if we are likely to have accumulation or distribution in the medium to long term. I do not provide short term analysis. Yes, I can touch on the near-term analysis and point out a few things here and there that we need to see on the near-term set of time frames if we use it for swing trading. So, just look at my analysis here on TradingView as an investor’s opinion.
As an investor, you should still be careful and control your emotions. Be patient…don’t let the fear of missing out worry you too much and end up using your entire capital to accumulate prematurely. Indicators help us gauge the odds a little better when it’s a good time to invest more of our capital because the odds are more in our favor for price action to go higher than the lower white B band, etc. Yes, we can divide our capital into at least 8 to 10 equal parts and use ‘equal parts’ here and there to give the average market price. But keep in mind that the level of your red line in the phoenix rises in multiple timeframes to realize the price point that may act as resistance at any given time. Use this information to help control your emotions.
I hope that is useful.
Happy trading and stay great!
BTCUSD by WyckoffMode
– Technical Analysis – 2022-12-18 06:14:14 – coinphone [SV]