In keeping with the Wyckoff analysis, now seems like a good time to talk about what a Wyckoff Distribution would look like. While lower lows could still be in the cards, the recent price action strongly indicates that the Bitcoin Spring may very well be over. While originally I thought we might see lower lows and a much more prolonged Bitcoin Spring, we now have strong evidence that the accumulation phase may be over, and Bitcoin is on its way to much higher levels. In the last week, Bitcoin has rallied up to almost $50,000 and is once again attacking this price level. This was then followed by a very convincing rally, the SOS (Sign of Strength), and a retracement to the previous point of resistance, close to $36,000, which is the level I mentioned in my last article. Since July 16th, when I first talked about the Wyckoff accumulation, we have seen Bitcoin retest its prior lows, but keeping above the key support level of $30,000. This is the same chart that I used in my last article, with the same tags, except now we have another few weeks of price data on the chart.
Since then, we have witnessed the next two elements of the Wyckoff accumulation play out as would be expected: More specifically, we were nearing the end phase of said accumulation, what Wyckoff called “Spring”. In my last article on Bitcoin, I talked about the Wyckoff method and my belief that Bitcoin was in the midst of a Wyckoff accumulation. In this article, I look at three charts that can help us understand where Bitcoin is going both in the long term and more immediately. There’s still a possibility that Bitcoin revisits $30,000 and even breaks below it. While this is encouraging news for the bulls, the Bitcoin war isn’t over yet. Klaus Vedfelt/DigitalVision via Getty Images Thesis Summaryīitcoin ( BTC-USD) has rallied convincingly over the last month and is now once again attacking the $50,000 mark.
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