Bitcoin Wyckoff situation explored
Many people out there like to talk and share "Wyckoff" Information, unfortunately it's not as simple as people make out. Back in 2021 When I called an obvious distribution, it took a couple of months for many of the influencers to catch up. In the March, leading up to the first major all time high 64k levels. The market sentiment was "Re-accumulation"
So why was this not Re-accumulation?
Well, we had already had the re-accumulation; as I highlighted in January 2021.
Why is this far back important?
The trend is your friend as they say. Knowing the bias is key. Using these techniques you can measure the moves in several ways to get forecasted projections into the future. Look back at the lows after the 64k High.
Yes 28k levels targeted as early as March.
I shared some education on this topic prior to the drop.
And again on the way up - the signs to the current ATH were also written in the stars (well it was clear the logic as to why it would truncate).
Just read the comments inside that image.
Knowing where and why as a general bias, makes trading Bitcoin pretty nice.
The chart in the main image is another Wyckoff related technique, less discussed - but very, very effective. This is known as Point and Figure or (P&F) you can actually change the settings of the type of candles here on TradingView
As you can see target levels were calculated from the last re-distribution and look at where we have the current price action...
Once you get a good handle on Wyckoff, it can be very advantageous on any instrument.
Stay safe and enjoy this crypto market!
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
So why was this not Re-accumulation?
Well, we had already had the re-accumulation; as I highlighted in January 2021.
Why is this far back important?
The trend is your friend as they say. Knowing the bias is key. Using these techniques you can measure the moves in several ways to get forecasted projections into the future. Look back at the lows after the 64k High.
I shared some education on this topic prior to the drop.
And again on the way up - the signs to the current ATH were also written in the stars (well it was clear the logic as to why it would truncate).
Just read the comments inside that image.
Knowing where and why as a general bias, makes trading Bitcoin pretty nice.
The chart in the main image is another Wyckoff related technique, less discussed - but very, very effective. This is known as Point and Figure or (P&F) you can actually change the settings of the type of candles here on TradingView
As you can see target levels were calculated from the last re-distribution and look at where we have the current price action...
Once you get a good handle on Wyckoff, it can be very advantageous on any instrument.
Stay safe and enjoy this crypto market!
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
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Disclaimer
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