In the last couple of days, I was overwhelmed with panic theory and I almost believed in emotional selling and a huge drop in the Bitcoin price.
As soon as I saw the Bitcoin price is rising against the flow of all markets I understood something is not right and after visiting my charts again I was wondering how could I not see this.
As you might know crypto market is not as big as other markets and most of the volume you see is faked by exchanges and the smaller the market gets it's easier to manipulate it.
First of all, you can see how they used the panic state to drop prices as sharp as possible and absorbed all the selling in phase one then followed by the accumulation phase and buying climax plus low volume test at the end.
If you are familiar with Wyckoff's theory you can see the phases completely.
1-huge fall in prices using news
2-accumulation phase
3-buying climax
4-breaking accumulation phase
5-low volume test
Please let me know your thoughts in the comments.
As soon as I saw the Bitcoin price is rising against the flow of all markets I understood something is not right and after visiting my charts again I was wondering how could I not see this.
As you might know crypto market is not as big as other markets and most of the volume you see is faked by exchanges and the smaller the market gets it's easier to manipulate it.
First of all, you can see how they used the panic state to drop prices as sharp as possible and absorbed all the selling in phase one then followed by the accumulation phase and buying climax plus low volume test at the end.
If you are familiar with Wyckoff's theory you can see the phases completely.
1-huge fall in prices using news
2-accumulation phase
3-buying climax
4-breaking accumulation phase
5-low volume test
Please let me know your thoughts in the comments.
