11 months ago

BTC trend corresponds with a theory of a hypothetical diagram derived from Richard Wyckoff in the XX century, user of Reddit remarks

According to the post, BTC and Wyckoff charts (below) have many similar features and sometimes fully identical. Consequently, some cryptocurrency community members expect Bitcoin’s price will surge in near future – after reducing greatly.

Wyckoff’s method anticipates price action and trend changes of a publicly traded asset. To implement above-mentioned bitcoin movement, it needs to continue the rally within the next few days.

Nevertheless, many users of Reddit call the comparison bogus: Of course, you will find something similar to the current situation if you search long enough”. Others also note that as Wyckoff worked with the slower-paced stock market, there could be strong differences with the timeframes.