pipdrifter

BTC 230127 Outlook on D chart There's not a large amount of institutional money in BTC. Due to this, I use a loose interpretation of Wycoff paired with Elliot and Fibinocci. I feel we established a solid floor for potential Wycoff phases to play. I feel we swept the liquidity built by early buyers. While this spring was atypical, it did provide a perfect grab for sellers who believed we would continue deeper. The textbook setup was there, but the volume showed a different story. Just as much buying volume and some last-minute consolidation. This would be aggressive entry levels, and I felt there was a fake CHoCH to keep sellers fooled. This was a beautiful area for bulls to accumulate. Further proof of this came when the impulse wave began. I do believe it is too early to draw Elliot waves. I want to see this impulse finish. Should it finish here, I expect us to head back to the ST zone. If note, we continue up to the next high.Comment: Scenario A is playing out. We appear to have found a top. Considering the 23750 area as the top of the impulse. Still, need to watch the 22650 area for rejection. Playing nicely so far.Comment: We successfully hit out Scenario A. Wave 2 is rolling!Comment: The wave hit quite nicely and ran a bit higher than expected. I am anticipating 23.5k area for the bottom of wave 4. If bulls take over, we'll likely see the bottom of wave 4 at 27k or a liquidity sweep to 24.5k. Time will tell.