Bitcoin in Wyckoff distribution
I see bitcoin, Ethereum, and almost all major alts now in similar patterns:
1. Short term Wyckoff distribution (black lines/text) which is bearish
2. Longer term Wyckoff accumulation(blue lines/text). If so, we could go sub-6000 to create a better "spring" in $4500-$6000 range with a capitulation that could touch ~$4500 around 78.6% fib. This would achieve the 78.6% fib retracement that we often see on multi-year time frame that occurs with any hypodermic/parabolic bubble break.
1. Short term Wyckoff distribution (black lines/text) which is bearish
2. Longer term Wyckoff accumulation(blue lines/text). If so, we could go sub-6000 to create a better "spring" in $4500-$6000 range with a capitulation that could touch ~$4500 around 78.6% fib. This would achieve the 78.6% fib retracement that we often see on multi-year time frame that occurs with any hypodermic/parabolic bubble break.
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