Bitcoin Distribution from 2017

25 พ.ย. 2021

This was the Distribution from 2017 vey similar already to what we are seeing now. As you can see in 2017 the first point of supply was at the end of November. And hit its buying climax on december 8th showing the most buying volume on the entire rally then comes up for an automatic rally and comes up short of the recent high and then makes a lower low that is a sign of weakness. Then instead of coming up to make a lower high and trying to exhaust the selling bitcoin then comes up to make a slightly higher high at 19798$ which is an upthrust meaning it broke above the previous high and it was on much less buying volume than the buying climax. Showing buyer exhaustion traders realize it and take profit which then makes another lower low on much higher selling volume which is the signal for bitcoin to show buyer exhaustion by making a lower high at 17176$. and then starts the major downtrend. This is just a template to reference what we are seeing now on Bitcoin. Lets see what happens!