Bitcoin Approaches Crucial Point in Wyckoff Distribution

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In Brief
  • The Bitcoin price is trading in a range between $10,050 and $8,500.

  • The price broke out from a descending resistance line on June 22.

  • There is significant resistance at $10,300, strengthened by a long-term descending resistance line.

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Since April 30, the Bitcoin price has been trading in a range between $10,050 and $8,500. The price movement inside this area is akin to the distribution phase of a Wyckoff distribution, meaning a breakdown from the range would be expected. Well-known cryptocurrency trader @ColdBloodShill stated that Bitcoin is probably trading inside a Wyckoff distribution, but noted that distribution

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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