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In our previous Bitcoin analysis, Wyckoff Distribution Tells Us Exactly What To Expect Next For Bitcoin! we warned our readers of the Wyckoff bearish prediction and the high potential for the Bitcoin price to continue selling off in the coming days or even weeks.
That bearish Bitcoin prediction has been playing out exactly with the Bitcoin price gradually tracing out the final leg of the Bitcoin Wyckoff Distribution.
The picture above is a typical example of a completed Wyckoff Distribution, when you compare that image to the current price action playing out on the Bitcoin 4-hour timeframe, you will see a lot of similarities.
If this Wyckoff count is correct, we can clearly see Bitcoin is tracing out the last leg of the Wyckoff Distribution. But once this distribution is completed, there is a very high probability to see the Bitcoin price reverse and rally massively!
The Coming Bitcoin Rally
Once this final leg of the Wyckoff distribution completes, we expect to see the Bitcoin price rally back up in the coming days.
This bullish rally is very tradable and has a very high probability of playing outcome next week. The key level to watch out for is the correction region on the 4-hour timeframe.
As far as the Bitcoin price continues to trade below this correction region, we can remain bearish on the Bitcoin price. However, a price break above this $34,851 resistance level signifies the end of the Bitcoin sell-off and the start of a new bullish trend.
Final Verdict!
Bitcoin is currently tracing out the last leg of the Wyckoff distribution playing out on the 4-hour timeframe. Once this bearish leg is completed we expect to see a massive bullish rally begin for Bitcoin.
The key level to watch is the $34,851 resistance level. A bullish break of this level signifies the end of the Bitcoin sell-off and the potential start of a bullish run.
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