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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Wyckoff Logic Suggests Bitcoin Markdown Has Only Just Begun

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin wyckoff crypto

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At the end of September 2019, Bitcoin broke down from a triangle pattern that it had been trading in throughout the summer months, putting an end to a rally that first began in the Spring.

The entire cycle from Bitcoin’s bear market bottom all the way to the recent top, appear to follow Wyckoff’s distribution model. And if that’s what is playing out in Bitcoin markets, the markdown phase of the first-ever crypto asset may have only just gotten started, and much lower prices may be ahead.

Bitcoin in 2019: The Perfect Example of the Wyckoff Method?

Richard Wyckoff was a world-renowned stock trader and author of a number of famous trading books. His success was based on the principle that markets were cyclical and went through four distinct phases at different times.

The four different phases according to the Wyckoff method, are accumulation, markup, distribution, and markdown.

Related Reading | More Whales Are Hoarding Bitcoin After Accumulating During Bear Market

Accumulation phases are periods of time when an asset’s price is at a low following a bear market or downtrend, and smart money begins buying up the asset at the low prices. After the investors have sufficiently accumulated a large position of the asset, the markup phase begins, driving up the price of the asset to later be sold at a higher price.

The accumulation phase took place while Bitcoin was trading in the low $3,000 and $4,000 range, at the end of 2018 and into early 2019. The markup phase was the subsequent rally from those lows to a local high of $14,000.

At the recent peak from the bottom, would have represented over 350% gains for investors who bought Bitcoin at its bear market low and then sold the June top.

Markdown Phase Could Take Price of Leading Crypto To New Lows

After accumulation and markup, comes distribution and markdown.

Once Bitcoin reached $14,000 distribution began, and Bitcoin began to consolidate as the initial supply being sold was met with continued demand. Eventually, the distribution caused supply to outweigh demand, and prices began to fall.

https://twitter.com/Moe_mentum_/status/1183155495890239490

According to Wyckoff method, after distribution comes the markdown phase, when the price of the asset begins to decline and bears regain control over the market.

Related Reading | Crypto Analyst: Bitcoin Continues To Follow Bear Market Bottom Fractal 

If the leading crypto asset by market cap is indeed in a markdown phase, as the chart structure appears to suggest, the price of Bitcoin could continue to be pushed down further and further until the price is sufficiently suppressed enough for high wealth investors to begin accumulating once again, restarting the entire process.

And if Bitcoin has entered a markdown phase, 2019 serves as a near-flawless example of a full cycle according to the Wyckoff method playing out in a market.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. 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’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

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’s 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.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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