Bitcoin Poised to Fall? This Wyckoff Distribution Pattern Says So

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In Brief
  • The Bitcoin price is possibly following a bearish Wyckoff distribution pattern.

  • The pattern would be confirmed by a breakdown from the long-term ascending support line, in place since March 13.

  • If the price breaks down, it could decrease all the way down to between $6,350 - $7,150.

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The Bitcoin price is possibly following a Wyckoff distribution pattern, a breakdown of which could see a sell-off down to between $6,000 - $7,000. First things first, what is the Wyckoff distribution? The analysis method explains a period of consolidation, which occurs after an upward move, serving as a way for market makers to sell their positions at the desired prices. After this
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate 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.

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