For those unfamiliar, a Wyckoff throwback is a rally back up to the floor level of the distribution zone, which in our case would be the Descending Triangle pattern we saw from June to late September.
Here is a simple illustration of that: school.stockcha...b/exe/fetch.php?media=mark...
The very old trend lines in yellow can be seen respected well by the pump, which I believe was very delayed and should have been more gradual... I have a feeling Manipulation played a role in this.
However, this rally now seems to be stuck at resistance from the green trend line which would represent that "floor" level mentioned above. From a purely technical perspective, I would expect a significant drop in price, and the 9000-9100 levels are ones to watch for a breakdown.
It appears that the bottom of the triangle pattern we are in is in a sticky situation, fighting for support currently. It should be an interesting time for BTC in the near future.
Bold dashed lines are daily downtrends from the previous triangle, all others should have a visible source.
Take care..
- Bryan
Here is a simple illustration of that: school.stockcha...b/exe/fetch.php?media=mark...
The very old trend lines in yellow can be seen respected well by the pump, which I believe was very delayed and should have been more gradual... I have a feeling Manipulation played a role in this.
However, this rally now seems to be stuck at resistance from the green trend line which would represent that "floor" level mentioned above. From a purely technical perspective, I would expect a significant drop in price, and the 9000-9100 levels are ones to watch for a breakdown.
It appears that the bottom of the triangle pattern we are in is in a sticky situation, fighting for support currently. It should be an interesting time for BTC in the near future.
Bold dashed lines are daily downtrends from the previous triangle, all others should have a visible source.
Take care..
- Bryan
- Bryan G.