Hello guys...
Some important things first...
Explanation why i will support Wyckoff's Area:
1. The first reason is Technical. A range near $6000 represent 70% decline from Bitcoin's ATH. On the nine previous Bitcoin corrections that have ever occurred, the average retracement is 64%. If you look at the corrections, lasting longer than 50 days, the average retracement is 76%. So basically, this 70% at the moment is right in line with historical figures.
2.Also, there is and the psychology piece. We see that generally, prices near $6000 hold well from the moment we start to dip after 2017 ATH. February 2018 we stopped at 5985. April 2018 6423. June 2018 5775. The average of those three huge correction is at 6061. Again it proofs that 6000 level is a key support are (+/-2%).
3. At last, we see that investors, whales, bulls, bears, care about miner's incomes. How they care? But they show it already historically. We do not go far from 6000 area. And if we go little bid lower than this, we bounce back very quickly.
Means the range of 6000 is iron price for Bitcoin.Also, lets ask ourselves. Why the cost of mining, did not decrease, the opposite, it increase, during this huge period of bear market?Maybe cause miners are sure and guarantee that price will not go far from their costs? Maybe cause and the big cycles of investors are care about it?
Resume:
Wyckoff's Theory is not just occasion. Is the way to keep the price of Bitcoin in the acceptable levels to survive. And please do not start to say me now about bubbles and all those bullshits, cause simple you will be out of topic for me.
So,i support Wyckoff theory and the range between 5800-5950. Personally from 5950-6000 i will be in with my most important position.
Choice always is yours!
Some important things first...
Explanation why i will support Wyckoff's Area:
1. The first reason is Technical. A range near $6000 represent 70% decline from Bitcoin's ATH. On the nine previous Bitcoin corrections that have ever occurred, the average retracement is 64%. If you look at the corrections, lasting longer than 50 days, the average retracement is 76%. So basically, this 70% at the moment is right in line with historical figures.
2.Also, there is and the psychology piece. We see that generally, prices near $6000 hold well from the moment we start to dip after 2017 ATH. February 2018 we stopped at 5985. April 2018 6423. June 2018 5775. The average of those three huge correction is at 6061. Again it proofs that 6000 level is a key support are (+/-2%).
3. At last, we see that investors, whales, bulls, bears, care about miner's incomes. How they care? But they show it already historically. We do not go far from 6000 area. And if we go little bid lower than this, we bounce back very quickly.
Means the range of 6000 is iron price for Bitcoin.Also, lets ask ourselves. Why the cost of mining, did not decrease, the opposite, it increase, during this huge period of bear market?Maybe cause miners are sure and guarantee that price will not go far from their costs? Maybe cause and the big cycles of investors are care about it?
Resume:
Wyckoff's Theory is not just occasion. Is the way to keep the price of Bitcoin in the acceptable levels to survive. And please do not start to say me now about bubbles and all those bullshits, cause simple you will be out of topic for me.
So,i support Wyckoff theory and the range between 5800-5950. Personally from 5950-6000 i will be in with my most important position.
Choice always is yours!