PLEASE NOTE: TIME IS NOT TO BE MEASURED. I JUST TOOK RANDOM DURATIONS, just understand the trend
Wyckoff is a method that consists of 4 phases: Accumulation, Markup, Distribution, and Markdown.
Currently, Bitcoin is in the Distribution phase
This is just an idea, a possibility. But these things usually plays correctly. We just saw a textbook example for Wyckoff distribution at the top. Whales were able to sell a massive amount of BTC without even creating a massive blow-off top. if you ask me this was planned a long ago and indeed an extremely smart move.
Currently, these same whales have entered short positions in BTC . they have full control of the BTC movement and currently entering more short positions and dump is just a matter of time.
If we keep testing the 30k support zone, it will become weaker and weaker and after it, the only support zone is the previous all-time high around 20k-18k.
Note that I am not an expert in the Wyckoff Method. There are many resources for that if you want to learn more as I am also learning myself.
Cheers,
Wyckoff is a method that consists of 4 phases: Accumulation, Markup, Distribution, and Markdown.
Currently, Bitcoin is in the Distribution phase
This is just an idea, a possibility. But these things usually plays correctly. We just saw a textbook example for Wyckoff distribution at the top. Whales were able to sell a massive amount of BTC without even creating a massive blow-off top. if you ask me this was planned a long ago and indeed an extremely smart move.
Currently, these same whales have entered short positions in BTC . they have full control of the BTC movement and currently entering more short positions and dump is just a matter of time.
If we keep testing the 30k support zone, it will become weaker and weaker and after it, the only support zone is the previous all-time high around 20k-18k.
Note that I am not an expert in the Wyckoff Method. There are many resources for that if you want to learn more as I am also learning myself.
Cheers,
-Nav