Bitcoin bulls are currently attempting to turn weekly resistance at $11,500 into support. However, failure may be likely according to an ominous pattern the cryptocurrency is painting. Recent price action in the first-ever cryptocurrency closely mimics that of a Wyckoff distribution model.
If that’s what’s playing out in the crypto market, Bitcoin could take a dive to lower levels in the weeks ahead. But there also could be a fractal forming that says otherwise and suggests another move higher. Which is it?
Bitcoin Price Action Closely Resembles Wyckoff Distribution Schematic
The leading cryptocurrency by market cap is trading at roughly $11,500. Bulls are pushing hard to take Bitcoin above the key level for tomorrow night’s weekly close.
A current close at this level would mark two consecutive weeks of red candles, but could also be a confirmation of resistance turned support.
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Bulls flipping the key weekly resistance level to support and holding would send a clear message to the market that higher prices are ahead.
Losing the level could be disastrous, however.
A failure to move higher here would very closely match one type of Wyckoff distribution pattern.
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