BitcoinShort
☆ BTC / USD — Bitcoin Wyckoff Distribution ☆
Updated
Hello guys! Spotted a small Wyckoff distribution range on Bitcoin price. This pattern can lead price down to 8800-8600 zone in perspective.
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As you may be new to Wyckoff I’ve copied the labels and their relevant information for you underneath.
These are common distribution/accumulation schematics on the internet and offer a great visual cue to analysing any potential ranges. Schematics are not meant as exact replicas to the way that the range will play out.
TR — Trading Range, trading ranges (TR) are places where the previous trend (up or down) has been halted and there is relative equilibrium between supply and demand.
PSY — preliminary supply, where large interests begin to unload shares in quantity after a pronounced up-move. Volume expands and price spread widens, signals that a change in trend may be approaching.
BC — buying climax, during which there are often marked increases in volume and price spread. The force of buying reaches a climax, with heavy or urgent buying by the public being filled by professional interests at prices near a top. A BC often coincides with a good news or great earnings report, since the large operators require huge demand from the public to sell their shares without depressing the stock price.
AR — automatic reaction. With intense buying substantially diminished after the BC and heavy supply continuing, an AR takes place. The low of this selloff helps define the lower boundary of the distribution TR.
ST — secondary test, in which price revisits the area of the BC to test the demand/supply balance at these price levels. For a top to be confirmed, supply must outweigh demand; volume and spread should thus decrease as price approaches the resistance area of the BC.
UT — upthrust. An ST may take the form of an upthrust (UT), in which price moves above the resistance represented by the BC and possibly other STs before quickly reversing to close below resistance. After a UT, price often tests the lower boundary of the TR.
SOW — sign of weakness, observable as a down-move to (or slightly past) the lower boundary of the TR, usually occurring on increased spread and volume. The AR and the initial SOW(s) indicate a change of character in the price action of the stock: supply is now dominant.
LPSY — last point of supply. After testing support on a SOW, a feeble rally on narrow spread shows that the market is having considerable difficulty advancing. This inability to rally may be due to weak demand, substantial supply or both. LPSYs represent exhaustion of demand and the last waves of large operators’ distribution before markdown begins in earnest.
ICE — Within distribution we have a concept called ICE. Imagine this as a frozen lake, each footstep you take on the ice it becomes a little weaker. A rough line is drawn across the lows of the range, each time the price has touched it, it weakens and sooner or later the ICE will break and price (and you on the lake) will fall through.
More Wyckoff ideas by ArShevelev :
DISCLAIMER:[/I] If you following somebody with good Risk/Reward and Win Ratio.
Without risk management and allowing yourself to lose some trades, you won’t be good trader/investor.
Please don’t follow any analyst blindly on this website.
Always use stop loss to prevent yourself from losses.
Make sure you understand and afford the risk. Please.
ATTENTION: Dear followers please consider to appreciate my ideas on tradingview with your likes, this will help bring more quality content in next trading ideas. And if new to my work, and you like it, you can Follow my page to receive ideas in your Ideas Stream.[/I] Thanks 🤝😊
Stay tuned to Artem Crypto
I hope this was helpful and please share what you think about this?
Do not forget, the best "Thank you" is ♥️Like and 💬Comment on this post.
As you may be new to Wyckoff I’ve copied the labels and their relevant information for you underneath.
These are common distribution/accumulation schematics on the internet and offer a great visual cue to analysing any potential ranges. Schematics are not meant as exact replicas to the way that the range will play out.
TR — Trading Range, trading ranges (TR) are places where the previous trend (up or down) has been halted and there is relative equilibrium between supply and demand.
PSY — preliminary supply, where large interests begin to unload shares in quantity after a pronounced up-move. Volume expands and price spread widens, signals that a change in trend may be approaching.
BC — buying climax, during which there are often marked increases in volume and price spread. The force of buying reaches a climax, with heavy or urgent buying by the public being filled by professional interests at prices near a top. A BC often coincides with a good news or great earnings report, since the large operators require huge demand from the public to sell their shares without depressing the stock price.
AR — automatic reaction. With intense buying substantially diminished after the BC and heavy supply continuing, an AR takes place. The low of this selloff helps define the lower boundary of the distribution TR.
ST — secondary test, in which price revisits the area of the BC to test the demand/supply balance at these price levels. For a top to be confirmed, supply must outweigh demand; volume and spread should thus decrease as price approaches the resistance area of the BC.
UT — upthrust. An ST may take the form of an upthrust (UT), in which price moves above the resistance represented by the BC and possibly other STs before quickly reversing to close below resistance. After a UT, price often tests the lower boundary of the TR.
SOW — sign of weakness, observable as a down-move to (or slightly past) the lower boundary of the TR, usually occurring on increased spread and volume. The AR and the initial SOW(s) indicate a change of character in the price action of the stock: supply is now dominant.
LPSY — last point of supply. After testing support on a SOW, a feeble rally on narrow spread shows that the market is having considerable difficulty advancing. This inability to rally may be due to weak demand, substantial supply or both. LPSYs represent exhaustion of demand and the last waves of large operators’ distribution before markdown begins in earnest.
ICE — Within distribution we have a concept called ICE. Imagine this as a frozen lake, each footstep you take on the ice it becomes a little weaker. A rough line is drawn across the lows of the range, each time the price has touched it, it weakens and sooner or later the ICE will break and price (and you on the lake) will fall through.
More Wyckoff ideas by ArShevelev :
DISCLAIMER:[/I] If you following somebody with good Risk/Reward and Win Ratio.
Without risk management and allowing yourself to lose some trades, you won’t be good trader/investor.
Please don’t follow any analyst blindly on this website.
Always use stop loss to prevent yourself from losses.
Make sure you understand and afford the risk. Please.
ATTENTION: Dear followers please consider to appreciate my ideas on tradingview with your likes, this will help bring more quality content in next trading ideas. And if new to my work, and you like it, you can Follow my page to receive ideas in your Ideas Stream.[/I] Thanks 🤝😊
Stay tuned to Artem Crypto
I hope this was helpful and please share what you think about this?
Trade active
Bitcoin filled my buy orders, which I am using for mid term position in this asset. Thanks for your support in comments and likes!
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📲 Join Our Telegram Trading Community: t.me/+5hlxWmhHaKplN2Rk
🎙️ Daily Live Streams on 🔴 𝗬𝗼𝘂𝗧𝘂𝗯𝗲
🔍 Explore More Resources: linktr.ee/artemcrypto ✅
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