What a bad click can do?
This morning I accidentally pull up the chart of ADT/BTC on bittrex. Accidently cause I clicked on a pairing to get to my balance, if you know Coinigy you know there is strange ways to get you where you want. The chart appears and by the time my brain realizes I was already somewhere else on my web browser. So I did a few steps back cause what I have seen in the glimpse of an eye was looking good.
Why It look so great?
- selling climax on may 11th
- it had a spring that can be describe as a primary test 2 days later
- rally up 25%
- 50% correction
- 2 Up trust = sign of weakness
- Steady sell off
- Secondary test this morning
That is the complete pre-take off sequence of the Wyckoff method.
What's next??
In the sequence, we could see a ''Jump across the creek'' around 530-540 Satoshi +20% up, then a ''Back to the creek'' on a low volume ranging around 490-510 Satoshi -10%. If it holds there it would be a clear EW 1-2 ready for take off on the 3nd.
It could fail
A high volume shake out on the ''back to the creek'' sequence could make the price fall into the creek. I doubt this morning was the primary test, looks more like a spring to me.
Stop is not far behind Low risk / High reward ratio
If you are familiar with the Wyckoff method, feel free to comment and discuss about this set-up. If you have other technical analysis technique that can correlate or dismantle my thought, go ahead and we'll discuss
If you wanna learn more about the grandfather of technical analysis click on the link below
If you want to increase your trading performance, I highly recommend studying a trading strategy such as a well known one from Sir Richard D. Wyckoff which is THE trading technique professional traders don't want you to know about.
After completing the course, applying the Wyckoff technique on my crypto trading session allows me to gain over 700% profit in less than 4 months. And I wasn't even good with my trade entry and exit point... yet 😂
