Bitcoin is moving in the typical algorithmic flow with a Wyckoff template. We had swing high in the larger weekly structure (thick brown borders) which immediately produced an expected downward correction. This corrective move manifested itself into a descending triangle, which ultimately broke down on Sep 24th on a high volume selling day. It dropped to the 61.8% fib which absorbed it with strong support. Reference: 
This is what we call a selling climax followed by what Wyckoff termed secondary tests of this support line. It is common to have secondary tests of a support line followed by a selling climax. Oct 23rd showed us the typical shake out and spring which returned the price to the trading range. This is an exact playout of a Wyckoff schematic.
The spring took us right up to the last point of support, where it is consolidating as we speak. There will be a sign of strength coming forward which will take us to about 10900.
This is what we call a selling climax followed by what Wyckoff termed secondary tests of this support line. It is common to have secondary tests of a support line followed by a selling climax. Oct 23rd showed us the typical shake out and spring which returned the price to the trading range. This is an exact playout of a Wyckoff schematic.
The spring took us right up to the last point of support, where it is consolidating as we speak. There will be a sign of strength coming forward which will take us to about 10900.
Note
There is another event that I missed, Oct 26th presented what Wyckoff calls a “jump across the creek” of price resistance, and the “back up to the creek” of price resistance. You see that large wick on Oct 26th? That represents short term profit taking. Here's a quote from Wyckoff: "A back-up is a common structural element preceding a more substantial price mark-up"P.S. I have my Bitcoin, do you?
Note
Well, this CLEARLY shows not even I know what bitcoin will do. You can see that the "Last Point Of Support" proved to be a CRITICAL hard line resistance. These moves that transpire at precise supports and resistances shows the level of control bitcoin is under by HFT machines.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.