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 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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