Published On: Thu, Oct 19th, 2017

Bitcoin Price Analysis: Potential Wyckoff Distribution May Spring New All Time Highs

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A potential Wyckoff Distribution phase is under way as bitcoin continues to climb on shaky ground. Days after having a strong $1,000 climb and nearly reaching $6,000 on most exchanges, we saw a strong rejection of the upper limits of the market as it plunged $600 over the course of a few short hours. Let’s take a look at the macro pattern and draw a few similarities to the Wyckoff Distribution schemes:Figure 1: BTC-USD, 2-Hour Candles, Potential Wyckoff Distribution PhaseIn order for the current distribution phase to be reliable, there are certain milestones the market must reach. As shown above, we …

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