BitcoinLong
Anatomy of a trading range - Jim Forte - Bitcoin/Wyckoff
Updated
I've been studying Wyckoff for a while now, but I have a renewed vigor in the last few weeks when it comes to bitcoin. Much of it is easy, but I always have trouble when it comes down to re-accumulation or distribution - or flip side, re-distribution or accumulation.
Anyway, long story short, i think the strength of the spring says that this is not a distribution period, it is re-accumulation. When combined with more classic analysis this point of view gets stronger. When combined with fundamental analysis of Segwit activation and strength in the face of BCC/BCH it gets stronger still. I expect breakout of ATH within a few weeks. I'll let you figure out your own targets but as I've said on my twitter, barring fundamental chaos, we will never see 1800 again.
Anyway, long story short, i think the strength of the spring says that this is not a distribution period, it is re-accumulation. When combined with more classic analysis this point of view gets stronger. When combined with fundamental analysis of Segwit activation and strength in the face of BCC/BCH it gets stronger still. I expect breakout of ATH within a few weeks. I'll let you figure out your own targets but as I've said on my twitter, barring fundamental chaos, we will never see 1800 again.
Note
I have no idea why the labels didn't come across on the original chart. perhaps this will work. Note
Well sooner than expected. This idea is closed. See you on the moon.
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