Bitcoin seems to be going through a Wyckoff distribution scheme #1. We are probably in the last stage of completing the top with the third drive of the three drives pattern. Whats to come is a drop probably retesting 19k level within the next few months.
What if BTC is printing the Wyckoff Distribution Schematic?
Although on the H1 there's a short rally, on the higher timeframe such as 4 hours, there's a peak formation on the tip of the LQP. Since the high of the week is established, I don't expect GBPJPY to rally any further to touch the high of the week. (At least this week). My eyes are on the next MLQP, 180.000.
This is a mixture of Wyckoff and ICT ,so bare with me. We are at the end of the phase cycle. We would technically be in PHASE E, which would be where the market trades outside the TR ( trading range) . Now the market is consolidating as a retest to the top of the TR. It will either hold it or retrace back to 50% of the TR which would also be at an Discounted Area...
Price is currently consolidating and this is the best time for the markets to generate liquidity before shifting with the next move. Will the Bears get their stops wiped out before shifting in their favour? Or will the Bulls take charge and change the trend?
A lot of volume and volatility on the upthrust, nonetheless bears are clearly on control (Bigger tfs bearish).
On the daily timeframe we can see a range by Wyckoff - it's an accumulation. The liquidity at the bottom side got sweeped in second time, fulfilling the 1D imbalance. Also we can see a divergency by RSI. To be sure, can wait until the price comes back to the range, and then open a trade. On futures chart, the price is already got back to the range.
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Understanding Wyckoff Patterns: A Brief Overview Richard D. Wyckoff's trading methodologies have stood the test of time. These patterns are characterized by phases of accumulation, manipulation, and distribution. Ethereum's 4H Chart: A Wyckoff Tale On Ethereum's 4H chart, we see signs of accumulation, where smart money starts buying. The next phase could be...
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I have posted the picture to a full Wyckoff schematic on the top right of the chart! Notice that we are currently at what could be considered the sign of weakness in phase B and could rally to the high of the range on this trend break! You can see the support of the entire consolidation can be formed off of the point we are at. Phase A outlines the support and...
Bitcoin had a 20 week rally starting 21 November 2022 after 23 weeks of double bottom formation which was the sign of strength (SOS) event in this accumulation structure. Now, after another 26 weeks of sideways re-accumulation type structure, Bitcoin has retested 25k zone multiple times and flipped this once resistance in to support and is ready for the markup...
Obviously the re-accumulation is done. NASDAQ:XAG has found its Climax around 14$, played in Phase B for 6 years with an attempt to 21$ thus creating an UpThrust, till “COVID”, where price collapsed to 11$, found “some” buyers that sent price to the opposite direction. As you can see JAC is obvious ; BU seems to be done as well, bullish divergence confirmed....
Understanding Bitcoin Price Movement through Wyckoff's Theory Richard Wyckoff, a legendary figure in the world of trading, left us with invaluable insights into price action and market behavior. His principles, outlined in "Charting the Stock Market," lay the foundation for understanding how markets move. Let's delve into two pivotal rules from Wyckoff's...
XRP, often referred to as the "banker's cryptocurrency," has been through its fair share of ups and downs. However, an intriguing pattern is emerging on the charts, pointing to a potential bullish trend. Let's delve into the Wyckoff Accumulation-Manipulation-Distribution cycle, a pattern that has historically signaled bullish moves. Wyckoff Accumulation: The...
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