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 BTCUSD TA September 8, 2022″ width=”500″ height=”281″ src=”https://www.youtube.com/embed/92qwWb3iZQg?feature=oembed” frameborder=”0″ allowfullscreen=”allowfullscreen”>
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
Bitcoin’s bearish momentum hit hardest on the technical charts, with the cryptocurrency breaking below all…
Bitcoin Magazine White House Says Strategic Bitcoin Reserve Announcement Is Imminent: ‘A Breakthrough’ The White…
Bitcoin Magazine Capital B Acquires 192 Bitcoin for €13 Million, Pushes Total Holdings to 3,135…
Strategy made a mammoth $2 billion bitcoin purchase last week, but it's not lifting crypto…
The bank said accelerating advances in quantum computing are compressing the timeline for risks to…
Bittensor (TAO), down 9.6% over the weekend, joined Bitcoin Cash (BCH) as an underperformer.Read MoreCoinDesk:…