{"id":436659,"date":"2020-08-29T19:00:55","date_gmt":"2020-08-29T19:00:55","guid":{"rendered":"https:\/\/ktsl888.com\/?p=436659"},"modified":"2024-06-11T14:15:43","modified_gmt":"2024-06-11T14:15:43","slug":"current-bitcoin-price-action-closely-follows-textbook-distribution-pattern","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/current-bitcoin-price-action-closely-follows-textbook-distribution-pattern\/","title":{"rendered":"Current Bitcoin Price Action Closely Follows Textbook Distribution Pattern"},"content":{"rendered":"<p class=\"p3\">Bitcoin bulls are currently attempting to turn <a href=\"https:\/\/ktsl888.com\/2020\/08\/26\/bitcoin-is-forming-an-ugly-weekly-candle-as-upwards-momentum-falters\/\">weekly resistance at $11,500 into support<\/a>. However, failure may be likely according to an ominous pattern the cryptocurrency is painting. Recent price action in the first-ever cryptocurrency closely mimics that of a Wyckoff distribution model.<\/p>\n<p class=\"p3\">If that\u2019s what\u2019s playing out in the crypto market, Bitcoin could take a dive to lower levels in the weeks ahead. But there also could be a fractal forming that says otherwise and suggests another move higher. Which is it?<\/p>\n<h2 class=\"p3\">Bitcoin Price Action Closely Resembles Wyckoff Distribution Schematic<\/h2>\n<p class=\"p3\">The leading cryptocurrency by market cap is trading at roughly $11,500. Bulls are pushing hard to take Bitcoin above the key level for tomorrow night\u2019s weekly close.<\/p>\n<p class=\"p3\">A current close at this level would mark two consecutive weeks of red candles, but could also be a confirmation of resistance turned support.<\/p>\n<p class=\"p3\" style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2020\/08\/28\/whiskey-becoming-liquid-gold-highlights-bitcoin\/\">Why Whiskey Becoming \u201cLiquid Gold\u201d Highlights Bitcoin\u2019s True Value<\/a><\/strong><\/em><\/p>\n<p class=\"p3\">Bulls flipping the key weekly resistance level to support and holding would send a clear message to the market that <a href=\"https:\/\/ktsl888.com\/2020\/08\/28\/next-bitcoin-leg-up-could-overshoot-15k-12k-wont-hold-back-rally\/\">higher prices are ahead<\/a>.<\/p>\n<p class=\"p3\">Losing the level could be disastrous, however.<\/p>\n<p class=\"p3\">A failure to move higher here would <a href=\"https:\/\/twitter.com\/cryptohamsterio\/status\/81576192?s=21\" target=\"_blank\" rel=\"noopener nofollow\">very closely match one type of Wyckoff distribution pattern<\/a>.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"size-large wp-image-436660 aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/bitcoin-btcusd-distribution.jpg?fit=860%2C860\" alt=\"bitcoin btcusd distribution\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">BTCUSD Wyckoff Distribution Schematic Comparison | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<h2 class=\"p3\">Why Even This Textbook Pattern Could Be Fakeout Before A Move Higher<\/h2>\n<p class=\"p3\">The chart above shows the uncanny resemblance. The distribution phase is characterized by a buying climax, followed by a sign of weakness then numerous failed \u201cupthrusts\u201d.<\/p>\n<p class=\"p3\">The first touch of $12,000 would have acted as the buying climax, while the second touch was the first failed upthrust. The push to and rejection from the $12,400 high may have been an \u201cupthrust after distribution.\u201d<\/p>\n<p class=\"p3\">To finish the schematic, the current price action resembles the \u201clast point of supply\u201d before tanking.<\/p>\n<p class=\"p3\">The only problem with this theory, despite it\u2019s <a href=\"https:\/\/school.stockcharts.com\/doku.php?id=market_analysis:the_wyckoff_method\" target=\"_blank\" rel=\"noopener nofollow\">proven effectiveness<\/a>, is due to Bitcoin price following a very similar path just ahead of the break through $10,000.<\/p>\n<p class=\"p3\" style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2020\/08\/27\/bitcoin-cycle-comparison-chart-lengthening\/\">This Unique Perspective Makes It Clear Bitcoin Cycles Are Lengthening<\/a><\/strong><\/em><\/p>\n<p class=\"p3\">Rather than falling following the completion of what closely matches a Wyckoff distribution schematic, the leading cryptocurrency surged higher to the current range.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"alignnone size-large wp-image-436661\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/bitcoin-wyckoff.png?fit=860%2C860\" alt=\"bitcoin btcusd distribution\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">BTCUSD Wyckoff Distribution Pattern Fakeout Fractal | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<p class=\"p3\">Could the distribution pattern have been a fakeout before the move higher, and history will soon repeat? Or is this the pattern too textbook and will result in downside ahead?<\/p>\n<p class=\"p3\">This weekend\u2019s weekly close could determine the crypto market\u2019s fate for some time. A close above $11,500 likely signals more continuation, while a close below could put an end to the rally.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin bulls are currently attempting to turn weekly resistance at $11,500 into support. However, failure may be likely according to an ominous pattern the cryptocurrency is painting. Recent price action in the first-ever cryptocurrency closely mimics that of a Wyckoff distribution model. If that\u2019s what\u2019s playing out in the crypto market, Bitcoin could take a dive to lower levels in the weeks ahead. But there also could be a fractal forming that says otherwise and suggests another move higher. Which is it? Bitcoin Price Action Closely Resembles Wyckoff Distribution Schematic The leading cryptocurrency by market cap is trading at roughly $11,500. Bulls are pushing hard to take Bitcoin above the key level for tomorrow night\u2019s weekly close. A current close at this level would mark two consecutive weeks of red candles, but could also be a confirmation of resistance turned support. Related Reading | Why Whiskey Becoming \u201cLiquid Gold\u201d Highlights Bitcoin\u2019s True Value Bulls flipping the key weekly resistance level to support and holding would send a clear message to the market that higher prices are ahead. Losing the level could be disastrous, however. A failure to move higher here would very closely match one type of Wyckoff distribution pattern. BTCUSD Wyckoff Distribution Schematic Comparison | Source: TradingView Why Even This Textbook Pattern Could Be Fakeout Before A Move Higher The chart above shows the uncanny resemblance. The distribution phase is characterized by a buying climax, followed by a sign of weakness then numerous failed \u201cupthrusts\u201d. The first touch of $12,000 would have acted as the buying climax, while the second touch was the first failed upthrust. The push to and rejection from the $12,400 high may have been an \u201cupthrust after distribution.\u201d To finish the schematic, the current price action resembles the \u201clast point of supply\u201d before tanking. The only problem with this theory, despite it\u2019s proven effectiveness, is due to Bitcoin price following a very similar path just ahead of the break through $10,000. Related Reading | This Unique Perspective Makes It Clear Bitcoin Cycles Are Lengthening Rather than falling following the completion of what closely matches a Wyckoff distribution schematic, the leading cryptocurrency surged higher to the current range. BTCUSD Wyckoff Distribution Pattern Fakeout Fractal | Source: TradingView Could the distribution pattern have been a fakeout before the move higher, and history will soon repeat? Or is this the pattern too textbook and will result in downside ahead? This weekend\u2019s weekly close could determine the crypto market\u2019s fate for some time. A close above $11,500 likely signals more continuation, while a close below could put an end to the rally.<\/p>\n","protected":false},"author":517,"featured_media":436662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-436659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Current Bitcoin Price Action Closely Follows Textbook Distribution Pattern<\/title>\n<meta name=\"description\" content=\"Bitcoin bulls are currently attempting to turn weekly resistance at $11,500 into support. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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