Explainer on BTC movements for BITSTAMP:BTCUSD by Mattysalads

Most sticking to just patterns and not wyckoff schematics and on chain indicators will find Bitcoin to be extremely bearish at the moment.

This could not be farther from the case.

Currently, we are completely following the Wyckoff re-accumulation schematic, with this being the creek.

Secondly, the reasoning for what is occurring is supply shock that is being hidden. Market manipulators, or “the composite man” in wyckoff logic notice we are at the lowest exchange, OTC desks, and short term holders balance of BTC in history. This can be validated on Glassnode. There is less than 2m highly liquid Bitcoin remaining. This can also be further proven with the majority (70% +) of on chain volume being $1M or more.

So, the only places to scrape Bitcoin from for long term holders and whales is the spot markets, constant liquidations of shorts and longs offer immense immediate Bitcoin troves to top off their balances.

This was just observed in the liquidation candle where it was bought up almost instantly.

Do not be deceived by short term patterns, and entering leverage trades, this is a HODL’rs market that is going to be extremely rewarding. The only way to find what is after the Wyckoff Re-Accumulation is asking yourself what price will cause LTH’s to sell?

I’d also watch the options market for volume on strikes.

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