Bitcoin price movement obeying Wyckoffs distribution schematic

3 апр. 2020 г.

This marvelous last push to 7000s started on April Fools from 6200s and got sold heavily down (to 6700s) when the price reached ~$7200. On Wyckoffs distribution schematic this is stated as the last phase before the price start falling, eventually all the way beyond the distribution trading range, which is 5.7K-5.9K in this scenario. This is called Upthrust after Distribution as known as UTAD, which is "last gasp rally from Support that occurs occasionally, and will drive the stock price above Resistance and the prior price peaks in the Distribution trading range."

"The conviction of this rally and breakout will attract a following of buyers. After a series of Tests, price begins to sink back below the prior peaks and in short order is heading back to the Support area. After a UTAD, price becomes persistently weak to and through Support and into a confirmed downtrend."

Conclusion: I'm short-term bearish from here, until we conquer the lost support for good and stay above. Long-term, I'm perma-bull what it comes to bitcoin.