It would imply a draw down to around 19-20K based on the drawdown from the first distribution in May 2021 of 30% from bottom of trading range.
As well as, a 1-3 year accumulation range most likely putting us in line with a 2023-2025 mark up period.
I also think the volume profile is pretty convincing, especially aggregated on weekly view.
The following VAs listed in the chart (left to right):
1. VA of current calendar year
2. VA of Wyckoff Distribution Top
3. VA of potential accumulation zone
4. VA of current and potential distribution zone
BTC is following a similar (granted smaller and faster) top pattern to the 2020 bull run and subsequent Wyckoff Distribution between 42K and 60K.
Buyers...
RKT could possibly have gone through textbook accumulation breaking up from the spring on relatively low volume. I would like to see a retest of liquidity at 18.20-18.60 for more validation, but we might not get it.
Look for a pullback at mid point.
