Bitcoin and Wyckoff

12 Jul 2021

I've been following this trading range on Bitcoin for quite sometime now and its getting clearer by the day what is going on. We've been in a sideways range that's trending slightly downwards very reminiscent of the redistribution from 2018. Where Bitcoin would keep hitting 6k whilst creating lower highs almost like a descending triangle. If you look at bitcoin you'll notice that the only time it made a higher high than the previous high was 41k. Lets call that the spring or up thrust as some would call it. Also notice that the spring happened on low volume which is how springs are typically seen. The "spring" at 28800 i thought it was quite suspicious seeing how high the volume was. Poor volume on rallies and high volume on selling is the indication to me that this is Wyckoff Redistribution. The price action from yesterday up slightly past 34k was the last hoorah to fake people out before the markdown. This is my analysis on the situation take with it what you will.