Bitcoin Analysis - Textbook Case of Wyckoff Downtrend to $4,800In my last chart, I had emphasized that the Wyckoff's Spring is likely at the $6,000 level (aka The Walls of Westeros) provided that price bounces from $6,000 and not any higher. Why is that? Well, it is important to remember that the Wyckoff's Spring needs to be a lower low.
Of course, this is all based on the assumption that Bitcoin is really trending according to the Wyckoff Events. If that is truly the case, then the current downtrend should also follow other Wyckoff rules that govern a Wyckoff Bear Cycle like distribution, breakdown and markdown.
Out of curiosity, I created the above chart with all those rules applied and it turned out exactly like what a textbook Wyckoff Downtrend chart would look like. Here is a link for you to compare it:
d.stockcharts.com
You can understand more about Wyckoff Market Analysis here:
stockcharts.com
Please LIKE and FOLLOW if you enjoy this.
