My dear Bitcoin, do you enjoy inflicting pain on your devoted supporters?
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April 14th, 2021, Bitcoin tops out at $65,000. The vast majority of market participants are confused. The whales and market makers are not. Why? Two words: Wyckoff Distribution.
Wyckoff Distribution Schematic #1
In this distribution model, price action moves sideways and slightly up, convincing the majority of investors and traders that price will continue its ascent to exceedingly higher levels. Comparing the model to Bitcoin's chart from February to May, it's clear as day that market makers orchestrated the most manipulated move we have ever seen.
Now you're probably wondering, "Why are you showing us this? There's no way this can happen again". Well, as you know, I always post every scenario that I see in the charts.
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So, let's look at today's price action.
There are a lot of differences when it comes to identifying each distribution phase. And because of that, I'm choosing not to map it out. But, the reason why this concerns me is that the price action is there. Comparing the two charts, we see an impulsive wave up, followed by three consecutive slightly higher highs.
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That's not all. Let's put the two charts side by side.
In both instances, we have consecutive higher highs following an impulsive wave up with declining volume. On top of that, we have nearly the same bearish divergences.
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Conclusion
Although I wouldn't go as far as saying this is another Wyckoff Distribution playing out, I cannot ignore what I see in the charts. This price action is all too similar to what we experienced in 2021 Q1/Q2.
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