Wyckoff-Livermore Deluxe Combo

May 10, 2019 / by Bill Noble

Recently, we have featured the work of technical analysts from the early 1900s. The first part is the work of Richard Wyckoff. That analysis shows Bitcoin (BTC) has entered a period when it can trend sharply higher.

We then took that work and combined it with the work of Jesse Livermore. Livermore is featured in a classic trading book, “Reminiscences of Stock Operator.” Livermore has a construct where an upward sloping diagonal range precedes a parabolic up move. The construct is shown in Figure 1.

 class= Figure 1

Looking at the four-hour chart of Bitcoin (BTC), we have noticed that the Livermore analytical framework is applicable to Bitcoin (BTC). Figure 2 shows that Bitcoin (BTC) is only just starting its parabolic up move.

 class= Figure 2

Bottom Line: The uptrend is our friend and so is Livermore’s work. If this construct continues to work, $7,500 could be the upside target for Bitcoin (BTC). The move to $7,500 could unfold sooner than people think. So, it may not be too late to get in on the Bitcoin (BTC) rally.

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