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Author Topic: Godmode Technical Analysis  (Read 6843 times)
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dmwardjr
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July 03, 2019, 09:15:55 AM
Last edit: August 18, 2019, 07:26:52 PM by dmwardjr
Merited by figmentofmyass (1)
 #161

Again, there is NO GUARANTEE we will have a full retrace just yet.  This COULD be a bear trap.

Hell of a day we just had! A hammer candlestick on decent volume, with bulls rejecting prices below the 20-day MA. $9,650 to $10,900 in 24 hours, and still going. Sure smells like a bear trap to me. What do you think?

I'm still not convinced yet we are going up just yet based on what I'm seeing in the indicators.  I will provide a more detailed explanation in a video later after I wake up.  




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dmwardjr
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July 03, 2019, 08:18:34 PM
 #162

Again, there is NO GUARANTEE we will have a full retrace just yet.  This COULD be a bear trap.

Hell of a day we just had! A hammer candlestick on decent volume, with bulls rejecting prices below the 20-day MA. $9,650 to $10,900 in 24 hours, and still going. Sure smells like a bear trap to me. What do you think?

or maybe we are in a new sideway phase with prices swing of greater magnitude..

I'm leaning more towards sideways AT BEST for most of July with chance for further price drop.  I'll elaborate more later this evening with a video publication.  I'm about to get a bite to eat then back to work on my pedestals for my counter top to make a desk.

Follow me on Trading View for excellent signals in Bitcoin/US dollar - Bitstamp - https://www.tradingview.com/u/WyckoffMode/.  Will be on a paid subscription website soon with trading signals and technical education using Wyckoff Method in conjunction with Godmode and Stochastic RSI indicators for many more crypto currency pairs besides BTCUSD.
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July 03, 2019, 09:30:45 PM
 #163

I'm leaning more towards sideways AT BEST for most of July with chance for further price drop.  I'll elaborate more later this evening with a video publication.  I'm about to get a bite to eat then back to work on my pedestals for my counter top to make a desk.

I'm looking forward to it! I'm curious what you expect the range to be if the market stays sideways......above or below the $12,500 lower high? The daily candlesticks off $9,650 are still impressive to me, indicative of a strong reaction from bulls. I'd love to see new lows so I can buy back lower, but at this moment I'm not very confident.

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July 03, 2019, 09:57:55 PM
Last edit: July 04, 2019, 01:31:45 AM by dmwardjr
 #164

I'm leaning more towards sideways AT BEST for most of July with chance for further price drop.  I'll elaborate more later this evening with a video publication.  I'm about to get a bite to eat then back to work on my pedestals for my counter top to make a desk.

I'm looking forward to it! I'm curious what you expect the range to be if the market stays sideways......above or below the $12,500 lower high? The daily candlesticks off $9,650 are still impressive to me, indicative of a strong reaction from bulls. I'd love to see new lows so I can buy back lower, but at this moment I'm not very confident.

We've already had approximately 30.8% drop from $13,880 to $9,614.08.  It's POSSIBLE we go no lower.  However, the downward pressure I'm still seeing in the 6-Day, Weekly, 9-Day and 12-Day time frames leads me to believing the month of July may be more sideways price action AT BEST for the purpose of Re-Accumulation.

The downward pressure I'm currently seeing in the afore mentioned time frames do not necessarily equate to more serious PRICE correction.  This COULD simply be a TIME correction.  Meaning, no serious drop into a prolonged bear market but instead a period of Re-Accumulation within a reasonable trading range that drops no more than 40% from previous high of $13,880.  A 40% drop from the $13,880 high would be $8,328 for the bottom.  So, I do not want to rule out a further drop down before the bull rally begins again.

I'll provide a more detailed analysis using my indicators in one or two video publications later tonight or wee hours of the morning my time (Central Time - Alabama, United States).  I may have to do two videos (one for high time frames and one for lower time frames).

Time to get back to working on those pedestals for my counter top in the office.

Stay Awesome!

David


Follow me on Trading View for excellent signals in Bitcoin/US dollar - Bitstamp - https://www.tradingview.com/u/WyckoffMode/.  Will be on a paid subscription website soon with trading signals and technical education using Wyckoff Method in conjunction with Godmode and Stochastic RSI indicators for many more crypto currency pairs besides BTCUSD.
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July 04, 2019, 05:01:42 AM
 #165

Have a look at Purple ENERGY in the 12h TF:




Daily (24h) TF:


Follow me on Trading View for excellent signals in Bitcoin/US dollar - Bitstamp - https://www.tradingview.com/u/WyckoffMode/.  Will be on a paid subscription website soon with trading signals and technical education using Wyckoff Method in conjunction with Godmode and Stochastic RSI indicators for many more crypto currency pairs besides BTCUSD.
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July 04, 2019, 05:09:13 AM
Merited by exstasie (1)
 #166

We may have to wait 7 to 13 more hours before obvious reversal to downward pressure.


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July 05, 2019, 09:22:52 PM
Last edit: July 05, 2019, 09:49:13 PM by dmwardjr
 #167

A quick update using the Daily (24h) Time Frame:

I know I still haven't done a new video publication update for near, mid and long term analysis.  I enjoyed time with relatives yesterday and the day before.  I'm back home now and about to get back to building my two pedestals to hold up the new countertop that will act as a desk underneath the three (3) 55 inch TV's.

The TV's will be mounted to the wall.  What I'm focusing on today will be to add a plywood wall to 2x4 studs that I will attach to the existing wall.  I need those 2x4 studs behind the new plywood wall to help support the wall mounts for the TV's.  I'm also painting the new plywood wall and existing sheet-rock wall before attaching the TV wall mounts to the new plywood wall.

Here's the 24h WITHOUT indicators:



Here's the 24h WITH indicators:  Focus on text bubbles inside the indicators on this chart.



Follow me on Trading View for excellent signals in Bitcoin/US dollar - Bitstamp - https://www.tradingview.com/u/WyckoffMode/.  Will be on a paid subscription website soon with trading signals and technical education using Wyckoff Method in conjunction with Godmode and Stochastic RSI indicators for many more crypto currency pairs besides BTCUSD.
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July 13, 2019, 09:26:06 PM
 #168

Daily (24h) TF:


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July 15, 2019, 09:00:27 PM
 #169

@dmwardjr

your trading room will be epic from the looks of it!

i'm thinking this is a time correction now. we wicked below $9948 but bulls reacted strongly just like the july 2 bounce. looks like the makings for a sideways bull flag before a fat leg up next month. what do you think?

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July 16, 2019, 03:39:15 AM
 #170

Hi FOMA,

Apologies for the delay responding.

The pain meds I've been taking have had me very drowsy with low energy.  I do what I can in the office remodel when I have the energy/motivation to do so.  I had a lower tooth in the very back right of my mouth surgically removed and bone grafted in where the tooth was surgically removed to be prepared for a future implant.  I have an appointment tomorrow morning to have four (4) stitches taken out of my mouth.

@dmwardjr

your trading room will be epic from the looks of it!

I hope my trading room (office) will be epic.  Maybe some day...  It's a work in progress.  I only have 10 feet of counter top to install for now.  My hope is to fill up that 13.5 feet wall all the way and continue with the counter top another 12.5 feet of the adjacent wall with the same counter top; for a total of 26 feet of counter top with big screen TV's as monitors over the counter top space on two walls.

I'm thinking this is a time correction now.  We wicked below $9948 but bulls reacted strongly just like the July 2 bounce.  Looks like the makings for a sideways bull flag before a fat leg up next month.  What do you think?

It's hard for me to say right now.  I haven't evaluated the indicators thoroughly the past couple of weeks, like I normally do, due to my office remodel and dealing with my tooth surgically removed and bone graft for future implant.

I plan on getting back to doing video publications again by this coming weekend.  Hopefully, that one wall in my office will be completed by then; along with my PC build to power the three (3) 55 inch 4K TV's I'm using as monitors.

I'm only doing that one wall for now.  I need to turn my focus towards providing content for my trading signal/education website after that wall is complete.  I will still provide TA during my website build but not as much as I did previously.  It's more important to me to get that website going LIVE than it is for my office to be completely remodeled.  I'll get back to remodeling the remaining three (3) walls AFTER the website has been LIVE for at least 3 or 4 months.  Which means I may not complete the remaining the remaining three walls until the first quarter of 2020.

I may invest the time to do a video publication later tonight or in the wee hours of the morning tomorrow between 1:00am and 4:00am July 15, 2019.  I don't want to provide that opinion of if we go sideways with a price correction or if we continue down further with a price correction without doing a thorough TA of ALL time frames like I normally do.

Thanks for dropping by to comment. 

Stay Awesome!

David

Follow me on Trading View for excellent signals in Bitcoin/US dollar - Bitstamp - https://www.tradingview.com/u/WyckoffMode/.  Will be on a paid subscription website soon with trading signals and technical education using Wyckoff Method in conjunction with Godmode and Stochastic RSI indicators for many more crypto currency pairs besides BTCUSD.
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July 16, 2019, 11:30:40 AM
 #171

BTCUSD - New Video Publication:  "We Still Have Sustained Downward Pressure for a While Longer."  https://www.tradingview.com/chart/BTCUSD/NchNZFVD-We-Still-Have-Sustained-Downward-Pressure-for-a-While-Longer/

Be sure to watch that 20 minute video link (above).

We may see another bout of upward pressure this weekend. However, I do not see it evolving into new highs with a sustained long term of upward pressure. It's too dangerous to go long right now.

If we do end up falling sharply, I do not see us falling any lower than $7,500. If anything, I'm seeing $8,300 to $8,500 price range if we end up falling into a PRICE correction instead of continuing with a TIME correction.

As long as our Daily candles continue to CLOSE "above" $9,949.98, we are in a TIME correction. The moment we have a Daily candle CLOSE "below" $9,949.98, we can anticipate a continued drop to or near the $8,300 to $8,500 price range; resulting in a PRICE correction of approximately 40 percent. We have currently seen a drop of no more than 30.8 percent.

This honestly looks like more of a PRICE correction is in play rather than a TIME correction. 65% for PRICE correction and 35% for TIME correction.  It's just going to take a while to play out.  How long is "a while?"  Till mid to late September before we find bottom and begin a hair raising bull run to test All Time High.

I don't like how my Phoenix DG-1 Short Cycle has turned RED and turning down. Can it turn back Green and turn back up? It's possible but not looking very promising.


Follow me on Trading View for excellent signals in Bitcoin/US dollar - Bitstamp - https://www.tradingview.com/u/WyckoffMode/.  Will be on a paid subscription website soon with trading signals and technical education using Wyckoff Method in conjunction with Godmode and Stochastic RSI indicators for many more crypto currency pairs besides BTCUSD.
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July 16, 2019, 03:02:01 PM
 #172

Here's a look at how the indicators COULD POSSIBLY play out in the 2-Week TF.  Those new to charting:  Each candle is a period of 2-Weeks in this chart below.  I drew lines within Godmode indicator to show how downward pressure MIGHT prevail until mid September.


Follow me on Trading View for excellent signals in Bitcoin/US dollar - Bitstamp - https://www.tradingview.com/u/WyckoffMode/.  Will be on a paid subscription website soon with trading signals and technical education using Wyckoff Method in conjunction with Godmode and Stochastic RSI indicators for many more crypto currency pairs besides BTCUSD.
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July 16, 2019, 03:48:30 PM
 #173

BTCUSD - New Video Publication titled, "Wanted to Share a Few Things I'm Seeing in the 2-Week Time Frame."  https://www.tradingview.com/chart/BTCUSD/I5REJUeH-Wanted-to-Share-a-Few-Things-I-m-Seeing-in-the-2-Week-Time-Frame/

Like I said in the video (when looking at the Daily time frame); we are flirting with the lower boundary of that triangle right now. It's POSSIBLE we can avoid falling below the lower boundary of that triangle and this weekend begin coming back up to the upper boundary of the triangle before falling again. However, this is currently looking like we could have a "Three Drives Down" scenario play out from our high at $13,880 to a lower low around $8,300 to $8,500 by mid September. Of course I'm saying the third drive down would bottom out in mid September before we finally see a reversal to sustained upward pressure for the remainder of 2019.

Follow me on Trading View for excellent signals in Bitcoin/US dollar - Bitstamp - https://www.tradingview.com/u/WyckoffMode/.  Will be on a paid subscription website soon with trading signals and technical education using Wyckoff Method in conjunction with Godmode and Stochastic RSI indicators for many more crypto currency pairs besides BTCUSD.
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July 16, 2019, 04:16:46 PM
 #174

Here's a look at the 12h Time Frame (TF):


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July 16, 2019, 04:37:15 PM
 #175

We are currently working on our Back-Up/Last Point of Support AFTER our "Sign of Strength" in Phase D of our Wyckoff Accumulation schematic.  Then we are off to the races in Phase E after we find our "Last Point of Support."


Follow me on Trading View for excellent signals in Bitcoin/US dollar - Bitstamp - https://www.tradingview.com/u/WyckoffMode/.  Will be on a paid subscription website soon with trading signals and technical education using Wyckoff Method in conjunction with Godmode and Stochastic RSI indicators for many more crypto currency pairs besides BTCUSD.
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July 16, 2019, 04:51:08 PM
 #176

Have a look at the indicators in this Daily TF.  Earliest possible CHANCE for upward pressure may not occur until July 19th or 20th.


Follow me on Trading View for excellent signals in Bitcoin/US dollar - Bitstamp - https://www.tradingview.com/u/WyckoffMode/.  Will be on a paid subscription website soon with trading signals and technical education using Wyckoff Method in conjunction with Godmode and Stochastic RSI indicators for many more crypto currency pairs besides BTCUSD.
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July 16, 2019, 05:09:25 PM
 #177

We may see a temporary bounce off $9,120.16:


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July 16, 2019, 07:12:37 PM
 #178

Ouch, pretty brutal dumps here!

When you say "Three Drives Down" do you mean like a bullish three drive harmonic pattern? I'm curious how you see the timing/proportions working out. Since we're already deep into the second drive down, it seems like the pattern would complete closer to early August. But you're looking for it to complete around mid September? Hmm.

Thanks for the updates!

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July 16, 2019, 10:27:34 PM
 #179

Like I said in the video (when looking at the Daily time frame); we are flirting with the lower boundary of that triangle right now. It's POSSIBLE we can avoid falling below the lower boundary of that triangle and this weekend begin coming back up to the upper boundary of the triangle before falling again.

that was my hope for an easy trade---no dice! now i'm looking for the next short term scalp buy setup.

We may see a temporary bounce off $9,120.16:

we blew through the $9650 bottom on massive volume but price stopped dead in its tracks. that tells me we could be pretty close to a local bottom. just need the last of the selling momentum to fade out.

any thoughts on a bounce target? if we're about to go sideways/down for 2 months but only dropping $1000 further, you must expect some drawn out bounces along the way?

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July 17, 2019, 01:57:33 AM
 #180

Ouch, pretty brutal dumps here!

When you say "Three Drives Down" do you mean like a bullish three drive harmonic pattern? I'm curious how you see the timing/proportions working out. Since we're already deep into the second drive down, it seems like the pattern would complete closer to early August. But you're looking for it to complete around mid September? Hmm.

Thanks for the updates!

Yes, agreed.  One would think 3 drives down would complete around last week of August or first week of September.  Which is still possible.  I simply provided that pattern as an example of what we could potentially play out over the course of the next 10 to 12 weeks.

Follow me on Trading View for excellent signals in Bitcoin/US dollar - Bitstamp - https://www.tradingview.com/u/WyckoffMode/.  Will be on a paid subscription website soon with trading signals and technical education using Wyckoff Method in conjunction with Godmode and Stochastic RSI indicators for many more crypto currency pairs besides BTCUSD.
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