potential Wyckoff scenario for bitcoin

23 May 2018

I'm trying to find a Wyckoff cycle inside all of this mess right now.
Granted I know we are still early on in the correction, if Wyckoff is to be mapped to current prices, this is the best I can come up with.
It does seem like a very large trading range that is still very volatile.
So to be honest I don't like it.
But until I can proven otherwise this will have to do.

Some sort of bottoming out close to 6kish.
I don't like it, but its the best I have right now.

23 May 2018

Not

Id prefer something like this.


We need major capitulation to really get rid of the weak hands. We want people to think this is over. That bitcoin is no longer alive. I want the crypto twitter to be dead, trading view to be dead with the exception of few smart people left.
I'd prefer something like another 11k, afater which we dump like crazy, really shake out the weak hands, still too many people asking for moons and lambos.
At that point I'll be watching for a bottoming out of prices, like a bowl, with minimal volatility.
examples:
bitcoin 2011 crash:


bitcoin 2014: