Please note: How to use the Wyckoff method to prepare for the next Bitcoin correction | Author: Razvan Tomegea | Capital | June 2021
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So what is this? Glad you asked. This is the Wyckoff method. In layman’s terms:
The Wyckoff method is a way to determine when the market has been manipulated to their advantage by big players—“composite people”.
You read it right, it was manipulated. This method was developed for stocks, but it can be applied to any market, including our new crypto market.
The Wyckoff method describes two chart manipulation modes that can predict long-term trends: Distribution and accumulation.
In the distribution model, big shots (“whales”, “combiners”, etc.) sell their stocks and manipulate the market into a downtrend.
In the accumulation phase, the bigwigs buy as many cheap stocks as possible, and then manipulate the market into an upward trend.
In the field of encryption, Bitcoin is the market mover. Where Bitcoin goes, the market will eventually flow.Therefore, by looking at the Bitcoin one-dimensional chart, we almost perfectly see Wyckoff distribution Chart mode.More information about the Wyckoff method Here.
If we look at the Bitcoin chart and the Wyckoff distribution diagram, they must look almost the same.
As soon as I saw this, I sold everything and planned to repurchase it at a price of 30,000 or less. Of course, I may be wrong, nothing is certain. In this case, I will buy at 43k after breaking the 42k resistance.
Now, I will not just buy Bitcoin. As I said, as we have seen in May and over the years, everything will go down sooner or later after Bitcoin.
I saw one last time Bearish indicator or pattern And did not go according to plan, I lost half of my money (all my profits). I won’t make that mistake again.
If I am wrong, then we are currently in the Wyckoff accumulation phase, and we will reach the moon sooner (100k). I think we will go to 30K the last time and then go up again.
The takeaway is to prepare for the crypto market to fall by another 10-20%. What you do in this situation is up to you. I am not a financial adviser and cannot advise you to do anything.
However, I am introducing what I did in this situation. I sold everything, waiting to buy on dips (30k) or buy again when we have a stronger uptrend (42k+).