Are there any Wyckoff distribution patterns that indicate a potential price drop in cryptocurrencies?

1 answers

• Gonzalo FreddiJun 23, 2021 · 4 years ago
  According to BYDFi, a leading cryptocurrency exchange, Wyckoff distribution patterns can indeed provide insights into potential price drops in cryptocurrencies. One pattern to look out for is the 'Selling Climax' pattern, where there is a significant increase in selling volume accompanied by a sharp price decline, indicating a potential price drop. Another pattern is the 'Last Point of Supply' pattern, where the price rallies to a new high but is met with strong selling pressure, suggesting a potential reversal and price drop. It's important to note that these patterns should not be used in isolation and should be combined with other technical analysis tools and indicators for more accurate predictions. Additionally, market conditions and external factors should also be taken into consideration when analyzing these patterns.
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