Primarily speculation forecast with some basis from 1 min closing.
At time of publishing, accumulation playing out on 1 and 5 min timeframes. Pink lines represent 1 min targets based on actual closing prices. Blue lines represent 5 min forecast targets based on pattern and the 1 min targets. Yellow line represents potential ‘spring’ in 5 min timeframe. A spring (dip) doesn’t always happen.
Assumption: 15 min will roughly reach same targets as 5 min.
At time of publishing, accumulation playing out on 1 and 5 min timeframes. Pink lines represent 1 min targets based on actual closing prices. Blue lines represent 5 min forecast targets based on pattern and the 1 min targets. Yellow line represents potential ‘spring’ in 5 min timeframe. A spring (dip) doesn’t always happen.
Assumption: 15 min will roughly reach same targets as 5 min.
Note
By the time I actually published, I was able to incorporate more data from 5 min time frame. However, looks like on 5 min that price us already broken above peak target. Here’s a 5 min screen shot. White dotted lines are updated estimates of peak then pullback.Note
From 1 minNote
Big update: looks like I had overlooked the distribution pattern on 5 min. Therefore, I suspect accumulation could play out on 15 min. Or could continue up. There’s typically an EW 5 wave count up after distribution completes.Note
Could retrace to 8674 are or more, IF price doesn’t break above the yellow expanding wedge.Note
Looks bullish on 1 minNote
Setup your longs!Note
Note
Wedge possibly still playing out along with distribution - shown as accumulation here bc scale is inverted.Note
And for the fib fans, back on regular scale.Note
Might have retraced enough. Bounced near key distribution price.Note
Note
Psst... Btc finished distribution.Note
PssstNote
Published update in new idea.Note
Published an update.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.