📍 Update for BTC
- I rarely apply Wyckoff to crypto because most of it does not create perfect models, this time is the same, however most wave structures largely respect the models with a rate of more than 70%. works correctly (applies to Wyckoff) you can backtest yourself with the 2021 and 2023 Season Altcoins Waves
- Okay, I will present the current situation of BTC from this perspective
- Currently we are in Phase E, where buyers expect that today's candle will be a reversal candle and they will get the best entry point of this pattern (Spring Point)
- This is also where Sellers, when they see a break out of the box model I drew in orange, will initiate Short positions.
- The point here is, we have seen BTC grow continuously for 6 months from November 2023 to April 2024 (monthly candles)
Therefore, I think that BTC should stop for a moment, and the above model is the distribution model, BTC should have this adjustment rhythm to be able to continue to grow more sustainably.
- Also, did you realize that when BTC reached the 73000 area, there was a lot of good news like the ETF being approved and a series of other news, BTC had many days with very large volume and funds bought a lot, but the price again sideway?
- Why?
- Up to now, BTC has broken out of the box model with larger volume than previous days and showed a strong breakout out of the box. Combining the above factors, I think this is probably a Wyckoff Distribution model.
This is just a personal perspective, you can verify or criticize yourself below this article, all opinions and analyzes will be respected!