Wyckoff Accumulation Suggests Bitcoin (BTC) Price Has Already Bottomed Out The Wyckoff schematics is a technical analysis tool for traditional and crypto markets. Wyckoff accumulation indicates that currently BTC may be in the penultimate phase of accumulation. Still, Bitcoin needs to reclaim the $18,000 area quickly. In today’s analysis, BeInCrypto looks at the Wyckoff schematics, which can explain the current accumulation phase of the Bitcoin (BTC) price. This pattern, known from traditional markets, has already been used to correctly identify the peak of the cryptocurrency bull market in 2021. However, if Wyckoff accumulation is to play out according to its basic pattern, Bitcoin should not fall below the Nov. low at $15,476. Moreover, in the near future, the largest cryptocurrency needs to reclaim support at $18,000 and then move towards $22,500. What Does Wyckoff Schematics Mean? Richard Wyckoff (1873-1934) proposed his classic analytical pattern. He was one of the pioneers of modern technical analysis, founder of the Magazine of Wall Street and a trader in traditional stock markets. It was in the analysis of these markets that the diagram became popular. The structure of a typical Wyckoff schematics consists of a series of sharp up and down price movements that form a kind of extended distribution or accumulation. This pattern often occurs after long-term declines or increases in a given asset. One of the tops or bottoms of the pattern is the peak or bottom for the selected period of price action. Once it is reached, the trend reverses and the decline or increase accelerates. In order to make good use of the Wyckoff schematics, one must first recognize it correctly. For this, trading ranges, volatility of the asset and trading volume are used. Based on this, appropriate buying or selling decisions are made. The main principle here is gradual selling during the distribution period and gradual buying during the accumulation period. Roughly speaking, the two periods are mirror images of each other. Distribution is a sideways market trend that takes place after a long uptrend. It is a phase in which smart traders and big institutional players try to sell their positions without pushing the price down too much. original article: https://beincrypto.com/wyckoff-accumulation-suggests-bitcoin-btc-bottomed-out/