Bitcoin Wyckoff Distribution improved with Fibonacci
Updated
I started trading crypto and bitcoin back in July in 2021 when I started studying Wyckoff distribution patterns and found this 3 day wyckoff pattern.
Bitcoin 1st Peaked when Robinhood & Coinbase IPOd back on March/April of 2021.
Followed by a 2nd Peak when Bitcoin ETF IPOd back in October
Bitcoin began to sell off hard after a Coinbase hack that put them offline for several hours/days in late October.
This updated the original Wyckoff Distribution Pattern and decided to redo it using Fibonacci Time Zone, Retracements & Trend Based Extensions.
What’s interesting about these patterns is they all coincide with each other and major events in financial and world events.
Take the starting point of the Oct 03, 2020 is around the time Robinhood became popular.
The PSY peak is right at insurrection on Jan 6th 2021
The bounce off PSY 0.382 retracement as Gamestop and Dogecoin took flight in main stream media.
These events set the stage for the entire first Wykoff Phase A as we see BC reach the 1 extension and ST reach the 1.272 extension.
These are upward trend retracement and extension.
To Find SOW in phase B I will be looking to find downward trend retracements and extensions in a following update for the GME anniversary.
If you follow any of my stock market macro, you will see BTC is closely correlated to major indexes which I plan on researching more closely in the coming weeks.
As we approach a major selloff in indexes on Jan 19th OPEX.
We find ourselves ending phase A on the eve of Gamestop's 1st anniversary.
Trade Safe!
As always, I’ll be back
Bitcoin 1st Peaked when Robinhood & Coinbase IPOd back on March/April of 2021.
Followed by a 2nd Peak when Bitcoin ETF IPOd back in October
Bitcoin began to sell off hard after a Coinbase hack that put them offline for several hours/days in late October.
This updated the original Wyckoff Distribution Pattern and decided to redo it using Fibonacci Time Zone, Retracements & Trend Based Extensions.
What’s interesting about these patterns is they all coincide with each other and major events in financial and world events.
Take the starting point of the Oct 03, 2020 is around the time Robinhood became popular.
The PSY peak is right at insurrection on Jan 6th 2021
The bounce off PSY 0.382 retracement as Gamestop and Dogecoin took flight in main stream media.
These events set the stage for the entire first Wykoff Phase A as we see BC reach the 1 extension and ST reach the 1.272 extension.
These are upward trend retracement and extension.
To Find SOW in phase B I will be looking to find downward trend retracements and extensions in a following update for the GME anniversary.
If you follow any of my stock market macro, you will see BTC is closely correlated to major indexes which I plan on researching more closely in the coming weeks.
As we approach a major selloff in indexes on Jan 19th OPEX.
We find ourselves ending phase A on the eve of Gamestop's 1st anniversary.
Trade Safe!
As always, I’ll be back
Note
Added new idea to follow downtrend retracements and extension in an attempt to predict the SOW for this wyckoff chart.
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