Bitcoin’s Price Movement and the Wyckoff Distribution

Bitcoin’s Price Movement and the Wyckoff Distribution
фото показано с : beincrypto.com

2020-3-10 00:06

The Bitcoin price has been decreasing since reaching a high of $10,491 on February 13. The price began March with an increase but the downward move resumed on March 7.

Bitcoin (BTC) Price Highlights The Bitcoin price might be following the Wyckoff accumulation. It has been decreasing for the past three weeks. The price is in the process of completing the C wave of an A-B-C formation. The price might be following an ascending support line.

Wyckoff distribution theory states that there is a proportional effect for every cause in the market. Thus, after every accumulation phase, there is a markup, distribution, and, finally, a markdown phase. More specifically, each phase has its distinct characteristics, which are shown in the tweet below by well-known trader @TraderX0X0, who used this distribution to outline a possible move for the Bitcoin price.

$BTC – 3rd update

Not surprised much tbh pic.twitter.com/XRdnMZGPzF

— TraderXO (@TraderX0X0) March 9, 2020

Let’s take a closer look at the Bitcoin price movement and see how well it fits with this distribution.

Wyckoff Distribution

In our previous analysis, we outlined the Wyckoff phases in detail, so we will not dwell on the definitions in length here. Below is a brief summary of each phase:

Phase A began with the “Selling Climax,” which served to outline the support and resistance areas of the range. Phase B created the relative low that caused a bounce in order to validate the high. Phase C created the higher (Last Point Of Support) or lower (Spring) low, depending on the scenario. Phase D is the projected breakout. Phase E takes the price into a new territory.

The sheer rapidness of the decrease makes the “Spring” scenario more likely. Since the decrease has occurred at this speed, it would not make sense for the C wave to end at the current level. Rather, a low near the “secondary test” at $6800-$7000 seems more reasonable.

A rough outline of the five sub-waves of the C wave is given below:

Bitcoin Trading Range

The same trader outlined Bitcoin’s trading range in the three-day time-frame — with the resistance and support areas being at $10,000 and $6400, respectively.

$BTC – Nothing to see here pic.twitter.com/AoPQ5mKICU

— TraderXO (@TraderX0X0) March 8, 2020

Looking at important Fib levels, the resistance and support areas seem to be closer to $6700 and $10,200 — the 0.618 and 0.236 Fib levels of the entire upward move, respectively

Additionally, the Bitcoin price seems to be following an ascending support line that is traced from the December 2018 bottom. It coincides with the Fib support level in April, making it a very likely time to reach a bottom.

To conclude, the Bitcoin price is possibly following the Wyckoff accumulation. According to it, the price will reach a bottom near $7000, before beginning an upward trend after April.

The post Bitcoin’s Price Movement and the Wyckoff Distribution appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69554.72 (+0.60%)
Объем 24H $45.65b
Изменеия 24h: 2.58 %, 7d: -4.15 %
Cегодня L: $69039.59 - H: $69554.72
Капитализация $1375.669b Rank 1
Цена в час новости $ 7869.16 (783.89%)

price bitcoin march wyckoff downward move increase

price bitcoin → Результатов: 126


Фото:

Bitcoin Price To See 70%+ Powerful Bull Wave To Push It Over $100,000, How High Can It Go?

The Bitcoin price is slowly breaching the $70,000 mark, showcasing steady upward momentum despite downward pressure from the bearish performance of the US equities market. Taking note of Bitcoin’s recent price movements, a crypto analyst has suggested that the pioneer cryptocurrency could be gearing up for a strong bull wave that could drive its price by over 70%, pushing it past the $100,000 milestone.

2024-10-26 04:00


Фото:

Analysts Predict Bitcoin Price Could Crash To $40,000, But There’s Good News

Despite initial expectations of a steady price increase and a robust bull run this year, Bitcoin (BTC) has suffered severe declines, pushing its price below the $60,000 threshold. Due to the cryptocurrency’s prolonged bearish performance, a crypto analyst has warned that Bitcoin could decline even further, predicting a potential crash below $40,000.

2024-9-4 22:30


Фото:

Michael Saylor Sets Audacious $49 Million Bitcoin Price Target – Details

The price of Bitcoin has recently returned below $68,000, as it attempts to stage a recovery following a significant price dip in the last week. While the crypto market leader attempts to find a support, popular American billionaire and Bitcoin maxi Michael Saylor has released a daring 21-year price prediction for the premier cryptocurrency.

2024-7-29 14:00