I don't know where to start, it will be a long content :)
First of all, I left the Wyckoff chart above and drew it specifically for BTC.
Those who know will say, sir, the spring region does not fit well :D Friends, wyckoff
For your information, it does not always have to be spring in the accumulation graph.
In fact, the fact that the spring was not formed in the exact area we wanted meant that buyers were more willing.
It is also a sign that you are behaving. Without going too far off topic, let's try to find the answer to the question of why this graph is important and where we might be at the moment.
Frankly, I think we are in Phase E.
So, what might it mean that we are in Phase E at Wyckoff?
When Phase E is completed, we encounter a new Wyckoff distribution formation.
In short, Phase E represents the last upward wave and then the wyckoff chart, which we call distribution, heralds a correction. It has not occurred yet, but it is useful to follow it as it usually occurs after the Phase E part of the accumulation chart.
Well, has a wyckoff distribution chart been created in BTC before? Let's examine it in the image below..
The chart you see is the drop itself to 15k after the reverse spring in the 68k region. Can we act only with this information? The answer is of course no. We continue to examine the other metrics we have and their correlation.
I leave the 2 versions of the TOTAL Chart and the ones that caught my eye to the images below;
First of all, let's explain for those who don't know; The TOTAL chart is an important metric that shows the total investment amount of coins and tokens in the entire crypto asset market in trillions of dollars.
The TOTAL chart also has a similar structure to the Wyckoff accumulation chart and we seem to be in Phase E again. It didn't end there;
On the TOTAL chart, the 3rd Elliott Impulse wave seems to have been completed and it is possible that we will see a movement towards the 4th wave (correction) part. Elliott Impulse and Correction Waves are based on social psychology, that is, their origins are based on this. Also, why didn't the 1st wave start from the bottom? I can hear people asking, friends. Elliott wave 1 does not always have to start from the bottom. For your information, the important thing is that it violates a previous Q Swing and that each wave creates fractal minor Elliot cycles within itself.
We continue, sir.
Bitcoin: I will try to visually display the Net Unrealized Profit/Loss (NUPL) data from the outside.
If it doesn't appear, a scripter in TradingView has done the same thing, I worked on it, I will put both of them.
We are about to enter the Belief/Denial range, the euphoria /greed range and the two of them correspond to the 50%-75% range, these are two important ranges for onchain data and NUPL data. To summarize, this data indicates that the price is currently approaching saturation areas, we have entered a critical range, specifically for nupl data..
So what does the USDT.D chart say?
As you can see in the image, it is also in a critical region. The red shaded area you see below is an indication that it is a suitable range for people to switch to cash and that this is an important level as a kind of conversion level. Even if it is not exactly a technical chart, this chart also shows psychological There are levels and it looks like we are in one of those areas right now for the USDT Dominance chart. I think it should be followed..
Let's take a look at the BTC.D chart, shall we?
Hahaha, there is a wyckoff image here too, that's why I put it, don't think I'm crazy, what is it doing on the Dominance chart? :)) It just caught my eye and I put it there.. I think the area that needs to be paid attention to here is our white box. The white box range actually comes to the bearish t618 golden pocket region. Again, although we cannot call it a technical chart, the levels between fib 0.5 and fib 0.618 are both psychological and based on the golden ratio, so one area that I think may be important is the BTC.D chart, I think it is useful to follow it.
Finally ;
While the price was going up on the daily chart, HH was making new highs, LH's started to come on the RSI side, as you can see in the image. In short, I think most of you know the meaning of negative discordance, and it is one of the indicators that we are in a time period that we need to pay attention to.
Here you go, this is the first Wyckoff chart I shared on tradingview on August 9, 2021 :) Don't forget to check it by pressing the play button, it will help you understand the accumulation chart better..
Then let's sum up a little, I think that all the metrics in general are an indication that we are close to correction, this does not mean that we are directly falling from this price today.. No, it just means that we are in regions close to saturation and that the market in general needs correction, that's all.. This is all. I wanted to share my views and work with you based on these metrics so that you can be careful in your transactions from the past. Technically, our orange shaded area on the main chart (around 45,500 - 48k) is a valuable liquidity region from the past and an important region for BTC. I just want to say be careful, if we consider the times when we are close to a correction, that range is not too far away. The last HH Swing went very parabolic and now I think a HL time is approaching and this is natural. Also, if we consider the daily and weekly charts, that region's break out, pull back If an image similar to break retest occurs, we will talk about something else. You can think of that region as the decision region.
Finally, I received a message from a few of my old followers about why I do not share actively, in fact I share every day, I share it not only publicly but as a private analysis for some reasons, thank you for your curiosity :)
That's all from me for today, friends, no matter what parity you trade, always bring together and compare most of the metrics you have. At least stay away from the types of fortune telling in the market and do not listen to fake information that is not based on any data. Try to act by giving yourself a logical reason.
I wish everyone a pleasant reading..
#Kriptocutrader#BitcoinDunyamiz#teknikanaliz #coindio
