🔥 Bitcoin In A Massive Wyckoff Distribution?

With BTC reversing sharply as of late, we can safely assume that ~33.5k was the bottom and that a new phase has started for crypto.

When comparing the BTC chart of the past 1.5 years, we can see some striking similarities with one of Wyckoff's Distribution schematics. Obviously, no real-world pattern will exactly copy the schematic. More important are the positions of the points of inflection.

PSY: First big correction after a long run-up
BC: First top, triggers correction towards PSY lows.
AR: Correction bottom, around PSY correction bottom.
ST: Bullish reversal after correction. Only difference is that ST is now at PSY high instead of above it.
SOW: Second correction, lower than AR and PSY bottoms.
UT: Second top, above the initial resistance line.

Keep in mind that this is just one of the many possibilities for the next coming months. The macro economic picture is still not great and (bad) news can have a big influence on future price action. Also, the white future price line is just a copy of recent price action and is only used to bring my point across, it's not meant as a prediction of price pathing.

Nevertheless, it's a very interesting find that we could potentially see another couple of months of bullish price action with a top around $80k. The above analysis is in line with another analysis I made a couple of weeks ago where I discussed that $33.5k was potentially the bottom and that we'd follow a bullish channel. See below.


Happy trading!