BITCOIN WEAKNESS CONTINUES TO PROVIDE CLARITY FOR CRYPTO INVESTORS | Wyckoff Distribution Update
I still think there is good possibility for cryptocurrency over the coming quarter as we roll into quarter 4 of 2021. The big hyped up event in crypto and bitcoin so before we dive in make sure youve bumped up those youtube numbers down below by hitting that like button subscribing to the channel. So you can see this content come up in your news, feed to stay up to date with the crypto markets. Let youtube know you want to see more of this by smashing those numbers down below okay lets crack on with what weve got today. Bitcoin closes weak, but i still think there is hope were going to look at work off distribution which we have covered for several weeks now: 50 levels for the weakness and the strength in the market. Extended accumulation is that possible and then also q4. So we also have patreon link to that is down below get on board if youre interested. There are a couple that have just come up: one out of 360 and another one out of 100. Just so i mentioned that at the beginning, but yeah the patreon is ongoing, weekly reports as well, which we have one coming out today, so the market caps, just under 2 trillion bitcoins at 44, 200 today and ive got a price in mind, which i want to See bitcoin break above similar to what happened in april when i was watching 60 500 and you guys that have been around for a while.
You know that was the price for me. If i could get above that or if bitcoin could get above that thats, where i was looking for strength and you you can see now from the chart looking back in, may it just missed that it was just so close to that price and it didnt reach That figure and we crashed. That was the time when everyone was super super bullish. Eighty thousand hundred thousand dollar bitcoins, but we dumped very soon after that, and it does take a lot of patience from that point in time. It was about a month just short of a month of not being so bullish on the market when everyone else was extremely bullish. I remember i felt like a bit of an outlier there, so if you guys dont, remember check it out on the channel as well. Cracking towards 220 000. ethereum is 3100. Cadano is at 2.27. Solana, 142 is finding its strength again and its bounced off a nice 50 percent level and then of course, polka dot and doge now dropping to number 10 as avalanche just starts to push its way into that top ten. So its still about halfway off. But at this rate, doge is losing a lot of ground were here to talk about. Bitcoin were here to talk about the weakness in the closes on the weekly charts from bitcoin. At the moment, this is the the wyckoff distribution schematic if youre unfamiliar with it, weve been looking at this for quite some time.
Weve also got courses on it as well. This is the way ive been trading for years. It makes sense in these sorts of markets which accumulate and distribute which all markets do, but it just seems so much easier in cryptocurrency at the moment, because its a new market, a lot of new people and emotions, really do drive these markets, especially when people are Still trying to trade off news events, what were looking at here is the distribution pattern. So weve got a few phases here: phase a b c d e and weve gone through this test, and now the dump is on so lets have a look at that and just what weve been seeing over the coming weeks or the previous weeks, i should say So july, low into that peak, the correction, another high correction, another high correction, a little bit of a lower high, another correction, and then we get the weak push out before the dump lower high. And now we have crashed again and were finding ourselves in this potential. Reaccumulation area, maybe its going to include some sort of a grind out like we previously saw, and you can see that this looks very similar to this weve talked about it many times before, so i wont go on about it too much. You can see it on the previous videos theres the first run out the next run and it gets shorter and shorter, meaning theres less real big money buying, but retailers getting super hyped.
Retail was super hyped through february march april and may, but you can see there was no gains made on bitcoin. We had this little high. That came up that went underneath the previous high tiny correction, because everyone was saying well were going to adk. At this point, the week, the week week, fake out before the correction and the lower high and now the dump, so you can see its very similar to what has just happened. But you just dont know it at the time as its playing out. You can get a bit of a feel of it and the little purple boxes that i have here are just the way i have represented the market in terms of the sentiment. This was the early guys just really buying in and then big money selling out. You can see it down here in the volume and then more money was more big. Money was selling out here and then retail started to go crazy, which you can see here. There was just next to no volume when this load came in. We had more volume. Pick up so that was a good sign, but it just wasnt enough to hold the market up. Weakness came through again and we dumped so the weakness at the moment lets have a look at that, and that is the closes, so were closing underneath the 50 levels. So the 50 in question are the correction range, which is this its kind of similar to your moving averages, which you can see on the chart at the moment.
So if we take those off to clear up the chart, the 50 on im concerned with here is around 46 and a half, and then youve got another 50 level which is the low to the high, and so that 50 is at around 40 800 call. It 41 and then we have the next 50 level, which is the recent correction off this range here, so that 50 comes in at 46 hundred. So the major fifty percent that were looking at this point is forty, six, eight, the other ones. Forty six three somewhere in between is about call it. Forty six and a half, forty six, six and uh. The big number is around 47 500 thats. My number that im looking at to get this market above just like i explained in the intro, which was the 60 500. The market fell short of that next dump happened: im looking at this bar here and ill zoom in on that in just a sec, but the 47k is important to me, because that is the level that we initially bounced off and got that weak rally. So as if we can get above 47 as and theres also 70 50 at that level, the 47 is looking really good to me. Zoom in on this bar right here, big volume change in sentiment. This was obviously the major change here, so above 53 000 is ideally where, where we want to see it for a conservative entry, but of course, then our reward is a lot less than where we currently are.
So we miss out on all those gains but thats the price we pay for risk and reward, so the 47 is looking good if we drop it to a four hour. This is the bar right about here. Forty seven thousand three hundred all right so thats when things started to get a change of behavior, and so we go back to wycoff and they have signs of weakness last point of supply. Now this particular article. They explain it as a change of character, change of behavior, same sort of thing, its under a sign of weakness, so thats, where im seeing this. The sign of weakness come in with that change of behavior and, of course, this bar is massive as well, but just on a shorter term time frame to give us that hope of where the market is going next, a bit of an earlier warning sign from the Way, im analyzing the market is around that bar right there, okay, so change of behavior change of character. Sign of weakness got it. We got the dump. How long is this going to last probably a little bit less time, i believe, than what we previously saw from the may to the uh the july low, so we had that april peak the next may peak and then we had the july low. So where does that leave us then for quarter four? Well, i think its possible that we grind out here for a little bit longer.
Weve got this sort of period that were looking at to happen next. Should we get a little bit more of a grind down? Should we get a grind to the side? I think the market is just going to get quiet and boring and the views will drop on youtube things will just people will just leave and things will get a little bit quiet thats? What im expecting to happen now? If that doesnt happen and im wrong on that regard, then i think that will show us when we break above the 50 levels, these major 50 levels, similar to if you were running and using your moving averages. You know this close above your 50 day and your 200 day, but i find the 50 just work a little bit better for the style that i do nothing wrong with the moving averages and so yeah once we get to that point, then i think well probably Get a little bit more of that action in its nice to see volume coming in as well at these lows so thats, where im looking at it for our week close because we have closed underneath these 50 levels on the corrections. But this is our close and we have closed above our rallies, so theres our 50 rally thats the uh. The range were looking at and the rally is at forty thousand eight hundred call it forty one and our major fifty percents, the thirty four thousand so were well and truly above that four now, but we did dip into that.
Thirty, nine thousand onto a weekly chart make it a little more easier to see thats where we sit at the moment with a close price of forty three thousand one hundred. If you guys are interested in learning more about wyckoff distribution and accumulation, i got a specific course on that in the investor accelerator, you can find a link to this down below in the description top of the description there, 10 off until the end of september, use The code buy the dip 10 off full courses and everything else that is coming up in the investor accelerator as well. More than seven hours worth of content in there its 12 month membership with other guys in the group to learn more about trading and investing in cryptocurrencies full time, whatever period you like, you can watch this at any point in your day through the through a website Or an app thats, a bitcoin update for today it did close weak. I think there is still a lot more strength in here. It looks like a nice movement so far and my lucky number is 47 and a half thousand throwing it out there neck is on the line around that forty seven and a half thousand. We start to get some consolidation before the next move up thats. The sort of area that im liking for a new bitcoin move now, i think quarter four – could take a little longer than expected. Maybe we get the move later in that quarter.
Four obviously were going to keep watching that on the channel, but i dont think come first of october. This market just shoots to 300 000 bitcoins is not how it works in my analysis, so i hope you guys found some value from that video. If you did smash all of those youtube numbers down below catch you on instagram or on twitter, for daily crypto updates and, of course, in the investor accelerator membership, if you are interested in learning more about trading cryptocurrencies and investing long term for that financial freedom check Out the links down below in the description ill see you guys at the next video until then have more fun to get more done.