CryptoPorto Analyzes Bitcoin Price Chart
On Reddit, the user with the nickname CryptoPorto has posted a message, in which he analyzed the current BTC schedule and noticed a similarity to one of the price reversal theories. The analysis was based on a diagram by Richard Wyckoff, who indicated certain phases of price behavior in the market, before a sharp turn occurs.
This Bitcoin chart is very similar to the Wyckoff diagram. Richard is one of the best traders and technical analysts on Wall Street. In his diagram, he used the fundamental laws of formation for a market price, since this method is still often used by technical analysts.
There is an assumption that if within a few days the price overcomes a couple of levels of resistance, then the rally can accelerate to unprecedented heights. In general, the crypto community expects some reduction in Bitcoin’s cost before the bulls take everything in their own hands. For the first point of confirmation on the Wyckoff diagram, you need to take a mark of $7800.
Despite all the similarities, they also wrote on the forum that it is possible to find similarities on any chart and adjust to any scheme, but this will not be a true step. Therefore, any theory requires proof, especially in the cryptocurrency market.