RATE Group | Rally Over? Latest Bitcoin Price Action Resembles Aggressive Distribution Model
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Rally Over? Latest Bitcoin Price Action Resembles Aggressive Distribution Model

04 Feb Rally Over? Latest Bitcoin Price Action Resembles Aggressive Distribution Model

Posted at 00:29h in Bitcoin News by

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Last night, following a bullish weekly close and an even more bullish monthly candle close just days prior, the recent rally in Bitcoin price may have finally topped out.

According to the Wyckoff method, the recent price action closely matches an aggressive redistribution model that suggests a severe mark down phase could follow.

Bitcoin Price Action Mimics Wyckoff Distribution Model

Bitcoin price has been in a slow and steady uptrend since mid-December 2019.

The bullish price action is a result of a breakout from diagonal downtrend resistance – a downtrend that has lasted a full six months.

Related Reading | Bitcoin is Setting Up For a Violent Long Squeeze, Which May Trigger New Lows

The increase in Bitcoin price throughout 2020 has made it a top-performing financial asset, but it also let crypto investors breathe a sigh of relief that the bull market would soon be back on.

However, the latest rally may be about to run out of momentum, and the current price action according to one…

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