WyckoffMode

Substantial Upward Pressure Resumes Last 12h Candle on Monday OR

Long
WyckoffMode Updated   
BITSTAMP:BTCUSD   Bitcoin
...First 12h Candle on Tuesday." Meaning, downward pressure is continuing till the last 12h Candle on Monday or the first 12h Candle on Tuesday. I also believe this current downward pressure will only result in a dip no lower than the BASIS of the Bollinger Bands in the 6h and 12h time frames. I do not believe the price action will drop down to the Lower Boundary of the Bollinger Bands in the 6h. Only a dip to the BASIS in the 6h TF at worst in my honest opinion. This is WHY I'm saying this is likely the LAST CHANCE to accumulate before a likely bull run begins.

I HAVE LABELED THIS A "LONG" POSITION TO EMPHASIZE NOW IS THE TIME TO ACCUMULATE (MY OPINION) BEFORE A POTENTIAL BULL RUN BEGINS.
Comment:
TO BE CLEAR: I have a hard time seeing the price drop down to the Lower Boundary of the Bollinger Bands in the 6h TF at $6,650. The Bollinger Band BASIS at $6,950 is likely target if we continue to fall further. Here is the 6h TF:

Comment:
Another look at the 12 hour time frame:

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Here' is a look at the 2-Day Time Frame:
Comment:
Obvious reversal to upward pressure likely occurs within the next 22 to 34 hours:
Comment:
If you have margin short positions open, your stop loss will likely trigger within the next 22 to 34 hours:

Here's a look at the 12 hour once again to show a comparison from history of what the price action could replicate in similar fashion present day:

Comment:
Here's a look at the 6 hour time frame:

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