Anatomy of a trading range - Jim Forte - Bitcoin/Wyckoff
I've been studying Wyckoff for a while now, but I have a renewed vigor in the last few weeks when it comes to bitcoin. Much of it is easy, but I always have trouble when it comes down to re-accumulation or distribution - or flip side, re-distribution or accumulation.
Anyway, long story short, i think the strength of the spring says that this is not a distribution period, it is re-accumulation. When combined with more classic analysis this point of view gets stronger. When combined with fundamental analysis of Segwit activation and strength in the face of BCC/BCH it gets stronger still. I expect breakout of ATH within a few weeks. I'll let you figure out your own targets but as I've said on my twitter, barring fundamental chaos, we will never see 1800 again.
Anyway, long story short, i think the strength of the spring says that this is not a distribution period, it is re-accumulation. When combined with more classic analysis this point of view gets stronger. When combined with fundamental analysis of Segwit activation and strength in the face of BCC/BCH it gets stronger still. I expect breakout of ATH within a few weeks. I'll let you figure out your own targets but as I've said on my twitter, barring fundamental chaos, we will never see 1800 again.
Comment:
I have no idea why the labels didn't come across on the original chart. perhaps this will work.
Comment:
Well sooner than expected. This idea is closed. See you on the moon.