BTC Distributing - Last Point of Supply Confirmed #Wyckoff
The Wyckoff distribution setup has been in the making for over a week since March 31st and the breakout to the downside appears to be in progress
A drop to 54K is likely and a further move to 51K is possible
A drop to 54K is likely and a further move to 51K is possible
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What first appeared to be distribution now seems more likely to be re-accumulation. As described by David Weiss in "Trades About to Happen" re-accumulation often looks like distribution. The break back into the climactic range area and then breaking above it is confirmation.