The Bitcoin price has been decreasing since reaching a high of $10,491 on February 13. The price began March with an increase but the downward move resumed on March 7.
Bitcoin (BTC) Price Highlights
- The Bitcoin price might be following the Wyckoff accumulation.
- It has been decreasing for the past three weeks.
- The price is in the process of completing the C wave of an A-B-C formation.
- The price might be following an ascending support line.
Wyckoff Distribution
In our previous analysis, we outlined the Wyckoff phases in detail, so we will not dwell on the definitions in length here. Below is a brief summary of each phase:- Phase A began with the “Selling Climax,” which served to outline the support and resistance areas of the range.
- Phase B created the relative low that caused a bounce in order to validate the high.
- Phase C created the higher (Last Point Of Support) or lower (Spring) low, depending on the scenario.
- Phase D is the projected breakout.
- Phase E takes the price into a new territory.
Bitcoin Trading Range
The same trader outlined Bitcoin’s trading range in the three-day time-frame — with the resistance and support areas being at $10,000 and $6400, respectively. https://twitter.com/TraderX0X0/status/1236797268642185216 Looking at important Fib levels, the resistance and support areas seem to be closer to $6700 and $10,200 — the 0.618 and 0.236 Fib levels of the entire upward move, respectively Additionally, the Bitcoin price seems to be following an ascending support line that is traced from the December 2018 bottom. It coincides with the Fib support level in April, making it a very likely time to reach a bottom. To conclude, the Bitcoin price is possibly following the Wyckoff accumulation. According to it, the price will reach a bottom near $7000, before beginning an upward trend after April.Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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