Bitcoin Wyckoff Distribution Event
Updated
NOTE:
I am not actually in a short position as I really dislike shorting bitcoin at times like this.
It is a risky maneuver especially since Bitcoin often rallies hard to the surprise of many.
I have just sold all my Bitcoin holdings which I have held since earlier this year.
2017 has been an amazing rally for Bitcoin with almost 100x growth.
With the opening of futures markets and the continuing drama among the bitcoin community filled with uncertainty about the identity of Bitcoin, it appears a Wyckoff Distribution Event has been engineered by the new and incoming large interests.
This certainly does not spell the end of Bitcoin, but Bitcoin has a history of 90% crashes after 10,000% rallies.
It is hard to tell when and at what price Bitcoin will enter an Accumulation Event and reverse, but I will be sure to re-enter the market at that point.
For now, it seems that Bitcoin's long rally will come to an end, and this is a nice point of exit for those who have made substantial profits this year.
Merry Christmas and Happy New Year!
Here's to a great and prosperous 2018 for all!
Extra Note:
This analysis may very well fail if Bitcoin does not fall below the highlighted trading range again in the next couple of days!
I am not actually in a short position as I really dislike shorting bitcoin at times like this.
It is a risky maneuver especially since Bitcoin often rallies hard to the surprise of many.
I have just sold all my Bitcoin holdings which I have held since earlier this year.
2017 has been an amazing rally for Bitcoin with almost 100x growth.
With the opening of futures markets and the continuing drama among the bitcoin community filled with uncertainty about the identity of Bitcoin, it appears a Wyckoff Distribution Event has been engineered by the new and incoming large interests.
This certainly does not spell the end of Bitcoin, but Bitcoin has a history of 90% crashes after 10,000% rallies.
It is hard to tell when and at what price Bitcoin will enter an Accumulation Event and reverse, but I will be sure to re-enter the market at that point.
For now, it seems that Bitcoin's long rally will come to an end, and this is a nice point of exit for those who have made substantial profits this year.
Merry Christmas and Happy New Year!
Here's to a great and prosperous 2018 for all!
Extra Note:
This analysis may very well fail if Bitcoin does not fall below the highlighted trading range again in the next couple of days!
Note
Took a day longer than expected, but we have a clear exit of the trading range now.This will be a long drop! both in price and duration.
Sell the bounces...
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