WATCH: Bitcoin, Wyckoff Theory, And The Composite Man | BTCUSD September 8, 2022
08 Settembre 2022 - 08:50PM
NEWSBTC
In this episode of NewsBTC’s daily technical analysis videos, we
compare Bitcoin price action with Wyckoff accumulation schematics,
price cycles and more. Take a look at the video below: VIDEO:
Bitcoin Price Analysis (BTCUSD): September 8, 2022 This video
provides a detailed look at Bitcoin market cycles using Wyckoff
theory and other cyclical tools. Is The Composite Man Behind
Bitcoin Mark Down? Wyckoff theory is based on the idea that retail
traders are regularly outsmarted by large operators he referred to
as the Composite Man. It is also known for its phases of
accumulation and distribution, and the mark up and mark down phases
that occur in between as the market goes through bullish and
bearish cycles. The recent price action continues to follow what
looks a lot like Wyckoff accumulation. After breaching preliminary
support, price reached the selling climax at $17,500. What we
potentially just saw this week was a secondary test in phase B.
that’s the good news. The bad news is that there could be a long
time until we see high prices again. A comparison with an Wyckoff
accumulation schematic | Source: BTCUSD on TradingView.com How A
Spring Could Put An End To Crypto Winter That was also just one of
Wyckoff’s accumulation schematics. Another schematic example
includes a final shakeout called a spring. Based on the schematic,
the spring would occur some time around December and a breakout
would occur in April. This is especially notable, because
that is exactly when Bitcoin bottomed in 2018 and when the
accumulation phases ended in 2019. Even more interesting, is the
fact that December has frequently been a timing factor for tops and
bottoms in Bitcoin all throughout its history. Will we get a spring
or not? | Source: BTCUSD on TradingView.com Related Reading: WATCH:
Ethereum Gains Momentum Ahead Of The Merge | ETHUSD September 6,
2022 Wyckoff, Gann, And Other Technical Analysis Greats Even the
2017 peak was in December, which we are currently retesting for the
umpteenth time. The month of December mysteriously was one of WD
Gann’s favorite months to look for tops and bottoms, and it was due
to how the Sun conjuncts Mercury while in Sagittarius. Gann, like
Wykoff was one of the all-time greats. Both are known as two of the
five titans of finance, which include with Charles Merrill from
Merrill Lynch, Charles Dow from Dow Theory and the Dow Jones
Industrial Average, and Ralph Nelson Elliott who created Elliott
Wave Theory. Gann’s methodology was the most mystical of them all.
Check out how flawlessly one of his tools, the Gann fan, called the
breakout from the bear market and an incredible 500% advance in the
example below. Gann's tools are based on geometry, angles, and time
| Source: BTCUSD on TradingView.com What To Make Of The Current
BTCUSD Market Cycle Markets are indeed cyclical, as Wyckoff and the
other greats believed. The cycle begins with accumulation after an
asset becomes oversold. Demand begins to outweigh supply and mark
up begins. Then the composite man begins to slowly distribute on
retail, before mark down begins and supply outweighs
demand. It sounds simple, but this is just how it
works. Bases on a visual inspection alone and how history has
rhymed in the past, we could potentially be in or nearing
accumulation and mark up will return soon enough. Is it almost time
for another bull run? | Source: BTCUSD on TradingView.com Learn
crypto technical analysis yourself with the NewsBTC Trading Course.
Click here to access the free educational program. Follow
@TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram
for exclusive daily market insights and technical analysis
education. Please note: Content is educational and should not
be considered investment advice. Featured image from
iStockPhoto, Charts from TradingView.com
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