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Can I Haz Resurrection Pump?
Everyone's hoping for an Easter Sunday rip; but which direction?
I saw a few interesting runs in the Friday AM (my time, at least) and posted a few screens on the twits:
I thought I’d make a run on shorting the Bat on the 15min if she got that high. And, I still want to keep track of these harmonics as well that could be in play — Shark on the 4hr and Crab on the 1hr:
So, we’ll want to stay cool and calm with our entries, our stop losses and not get greedy because she might just rip to the upside. I know a lot of folks are waiting for that relief rally into the mid-40’s (and beyond) and I’ve seen the tweets calling for $52k+… don’t believe the hype or you’ll be paying for someone else’s yacht.
So, I waited to see if RSI, MACD and other fundamentals lined up with Volume as things progressed towards $41,000-$41,300-ish and I’d plan an entry there for a short fade into quick profits. I hope I’d get a good chance. Something is definitely afoot though:
But, we’ll continue to watch and keep things on the level! Things were looking aggressive about mid-day:
Not a perfect Butterfly on the 15 (xb / fib) but it might print which might be fighting this strange Cypher on the 15 as well. Yup, we might have a struggle on our hands.
Maybe more sideways action before a pump? Maybe we were walking into a larger Wyckoff formation? This could be very useful if it prints:
I do particularly like — and use — the Wyckoff accumulation / distribution system and it’s been very profitable for me in the past.
But, things simply crawled all Friday night and into Saturday, early-AM. I woke up and then as Saturday stretched on things really hadn’t changed much; a few patterns with bullish upside if they could hit the PRZ:
I was still waiting for a $41,300-ish entry on a short but I’d wait if I had to. Disappointing drop but what can you do? Keep things tight and beware of the scamwick!
Getting stopped out by something like this would suck but it happens all the time. I continued to wait all weekend and folks started talking about a possible Easter Sunday rip, either to the upside or downside.
I took a look at ATR and it looks like something is cooking underneath; in fact, I’m expecting some major movement in one direction or another!
The world continued to wait deeper into the weekend and when I woke up I saw only a few things but nothing outside of what we’ve already been tracking:
Here’s the thing folks — and why I’ve been spending a bit more time on my short game than long game — is that things are generally not looking super-healthy for bitcoin right about now and we’ve been on a clear downtrend since November of last year.
Sure, we’ve got a nice little scoop but the challenge is that this might just be an elongated fakeout to the upside — that’s why I’m waiting for a higher entry point for confirmation on a serious long. If I’m going to do anything right now I’m fading her and if she pumps up then that’s fine because I’m thinking downside bias on the meta.
Doesn’t mean that she can’t rise something ridiculous to $50k+ — which is a real possibility — but I think 2022 is going to be a bit of a fakeout and 2023 will be very difficult for most folks to stomach. That’s just my light prediction based on what I see but things can change quickly and you should expect the unexpected.
Today, if anything, reminds us that Jesus Christ’s resurrection head-faked even those who thought that they had really, truly believed in his message. I mean, it would be tough to believe anyone who said that he’d die and then in rise from the grave 3 days later…
… and then he absolutely nailed it (pun intended). That’s a bit like what our favorite asset likes to do to our positions.
Something’s coming and we’ll know shortly what she decides to do.
To infinity & bitcoin,