Bitcoin Wyckoff - Twenty Thousand Leagues Under the Sea
There's not too much room for interpretation left, which is one of the beauty of Wyckoff. You pick up clues along the way, volume, candle size, etc and you narrow it down. The critical point is towards the end of the range, I think we are pretty close to it now.
Could this go to 73k new ath to clear shorts for the real UTAD? Sure it can. Do I think it's likely? No. Do I think it was accumulation all along? No.
My money is on this being the final stage of distribution. If true, the pnf target is bigger than initially thought. A target of 45k seems very likely, of course it could take a while. Yes I know how silly it sounds right now. ETF, miners, halving, whatever the narrative is. In hindsight, this will be a clear top. Some will blame Mt Gox 150k btc, miner fees, wars, or wall street/etf/government manipulation, but at the end of the day, it was just distribution.
Psychologically, we have had euphoria when we hit ATH. People expecting 100k and went full margin.
Now we are complacency stage. "It's just a dip, needs to recharge".
Anxiety will come next when we break down to 57k, denial at 52k, and finally the rest, panic/fear at forced selling at 45k.
Of course I could be wrong and this is all garbage. Have a nice day.
Could this go to 73k new ath to clear shorts for the real UTAD? Sure it can. Do I think it's likely? No. Do I think it was accumulation all along? No.
My money is on this being the final stage of distribution. If true, the pnf target is bigger than initially thought. A target of 45k seems very likely, of course it could take a while. Yes I know how silly it sounds right now. ETF, miners, halving, whatever the narrative is. In hindsight, this will be a clear top. Some will blame Mt Gox 150k btc, miner fees, wars, or wall street/etf/government manipulation, but at the end of the day, it was just distribution.
Psychologically, we have had euphoria when we hit ATH. People expecting 100k and went full margin.
Now we are complacency stage. "It's just a dip, needs to recharge".
Anxiety will come next when we break down to 57k, denial at 52k, and finally the rest, panic/fear at forced selling at 45k.
Of course I could be wrong and this is all garbage. Have a nice day.
Comment:
The went through some old charts, funny if this turns out to be true:
Comment:
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