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Home Cryptocurrency news Bitcoin

Current Bitcoin Price Action Closely Follows Textbook Distribution Pattern

Tony Spilotro by Tony Spilotro
6 months ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 3min read
bitcoin btcusd distribution

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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’s what’s 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’s weekly close.

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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 “Liquid Gold” Highlights Bitcoin’s 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.

bitcoin btcusd distribution

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 “upthrusts”.

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 “upthrust after distribution.”

To finish the schematic, the current price action resembles the “last point of supply” before tanking.

The only problem with this theory, despite it’s 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.

bitcoin btcusd distribution

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’s weekly close could determine the crypto market’s fate for some time. A close above $11,500 likely signals more continuation, while a close below could put an end to the rally.

Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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