Bitcoin has been in a descending wedge pattern since November 9th. Frustrating as it is, there are reasons it has not broken out yet. Thus, patience is required here! Below is a chart showing how the Wykoff Distribution pattern may be playing out. It may not look exactly like this in February. We like the Wykoff Distribution pattern because it fits where Bitcoin has been. We know the spot ETF’s were not approved by the SEC so far. Yet, future’s ETF’s were approved. So we have institutional manipulation in the open interest market keeping the price suppressed. We know this. It is obvious now! At the end of a Wykoff Distribution pattern there is Phase E, which is parabolic. Of course, we don’t know when this phase will ensue, it could still take a while. Here is that chart:
Historically, Bitcoin is also looking like a 1993 fractal from the Dow Jones Industrial Average, also in a Wykoff Distribution pattern at the time:
Then, you can look at bottoming patterns like in this next chart. This shows percent of transfer volume in profit and historically, when Bitcoin hits 40% transfer volume in profit. That is a bottom signal. A reversal ensues and last year, it gained 280% upon this reversal: