Bitcoin's Price Movement Explained By The Wyckoff Distribution
Please leave a LIKE & Comment if you enjoy the analysis.
The Wyckoff distribution pattern has a range between $4800 and $6800.
According to the distribution, the price is currently in at the "Upthrust" point, since it has moved above the horizontal resistance level at $6800. This is the initial movement of phase "B". The expected future movement is a downward move that takes the price below the horizontal support level.
The potential low below the support line is known as the "Show of Weakness", which could be the catalyst that initiates an upward move which causes it to break out above the resistance line.
As for the exact value of the low, it is possible that this low occurs both below and above this support line. It is called the "Spring" if it goes below, while the "Last Point Of Support" if it is above.
Once/if the price reaches this level, we will have a clearer understanding of the time period required for the price to complete this entire distribution.
The Wyckoff distribution pattern has a range between $4800 and $6800.
According to the distribution, the price is currently in at the "Upthrust" point, since it has moved above the horizontal resistance level at $6800. This is the initial movement of phase "B". The expected future movement is a downward move that takes the price below the horizontal support level.
The potential low below the support line is known as the "Show of Weakness", which could be the catalyst that initiates an upward move which causes it to break out above the resistance line.
As for the exact value of the low, it is possible that this low occurs both below and above this support line. It is called the "Spring" if it goes below, while the "Last Point Of Support" if it is above.
Once/if the price reaches this level, we will have a clearer understanding of the time period required for the price to complete this entire distribution.