2023-6-21 04:57 |
Bitcoin price is suddenly on the upswing, supported by a surge of positive news.
If the recent filing of a Bitcoin ETF by BlackRock and the debut of EDX — a new non-custodial crypto exchange backed by Charles Schwab, Citadel, Fidelity, and others — seem all too coincidentally timed with the bullish price action, then keep reading to learn more about a technical analysis methodology that saw this coming from 90 years away.
Bitcoin News Cycle Turns Positive, Price FollowsBitcoin is out-of-the-blue making bullish headlines, after nearly two years of nothing but negative sentiment, news, and price action. As the news cycle appears to be shifting, price is once again moving upward.
While the change in the trend and narrative appears to be taking many by surprise, a more than 90-year-old technical analysis theory called the Wyckoff Method, saw this coming from decades away.
What Is The Wyckoff Method? The 90-Year-Old Theory ExplainedRichard Wyckoff founded the Wyckoff Method in the 1930s, during a time when other legends like Ralph Nelson Elliott and Charles J. Dow coined Elliott Wave Principle and Dow Theory.
Each of these technical analysis titans came with their own observations of how the market behaved. The Wyckoff Method believed that retail investors and traders should seek to act as if the market was being controlled by the “Composite Man.”
Meet Crypto’s So-Called Composite ManThe Composite Man, according to Wyckoff, was nothing more than large actors — the so-called smart money. These larger players would accumulate assets at low prices, and when they have sufficiently built a position, they let their presence be known via price mark up.
In addition to closely following a textbook Wyckoff accumulation pattern, pictured above, the sudden uptick in price action is suspiciously close to recent moves made by larger actors like BlackRock, Charles Schwab, Citadel Securities, Fidelity Digital Assets, Sequoia Capital, etc. Could these large institutions potentially be acting as the “Composite Man” Wyckoff was referring to? The market is about to find out.
In Wyckoff theory “the Composite Man attracts the public to buy a “stock” in which he has accumulated a sizeable line of shares… in effect advertising his stock by creating the appearance of a “broad market.”
Say hello to the Composite Man @BlackRock @DigitalAssets… pic.twitter.com/mWZwQs0o5q
— Tony “The Bull” (@tonythebullBTC) June 20, 2023
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