I told some time ago that began to learn about the Wyckoff methodology and today I wanna show you very interesting scenario for the Bitcoin based on this approach.
Earlier I thought that the accumulations and distributions can be represented only as the horizontal ranges, but the advanced textbook (what a kind man shared with me, thank you so much bro, if you are reading it!) contains the information that the range can be represented as the upward/downward trend channels. On the chart you can see the example from textbook which is almost 100% copy of the current BTC situation. We can notice all Wyckoff events, but the main one is the UTAD – the fake out above the range. But after UTAD we saw the rapid dump and now the price is forming the bearish sign of weakness just above the ice level (lower band of range). If I correctly defined the market structure we will see the red scenario in next couple of weeks. Wyckoff methodology is very interesting, it can explain almost all classical technical analysis patterns. When I learn all information, I will share my overview about this technique.