Huge Wyckoff Distribution on Bitcoin!!!
Price has been ranging slowly between the 50-70k region since March, and the hype around crypto has generally died down. When applied to the charts, we can clearly see a potential distribution in the making, almost textbook as was the case in spring of 2021. Would make sense physcologically for price to break all-time highs pulling in new buyers and the hype to return, only for price to break down. A break of the highs would be unconvicing imo as a bullish bitcoin is usually a lot more impulsive. Other confluences include major resistance at 80k at the first band of logarithmic regression ('rainbow' chart). Targeting 44k
Other potential scenarios:
Price breaks down from here to 44k
Price succesfully rockets above the highs
Other potential scenarios:
Price breaks down from here to 44k
Price succesfully rockets above the highs
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