{"id":473170,"date":"2021-10-06T20:00:02","date_gmt":"2021-10-06T20:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=473170"},"modified":"2024-06-11T13:59:15","modified_gmt":"2024-06-11T13:59:15","slug":"bitcoin-breakout-wizard-theory","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-breakout-wizard-theory\/","title":{"rendered":"How 90-Year Old Market Wizardry Predicted The Bitcoin Breakout"},"content":{"rendered":"<p><a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-turns-attractive-50k\/\">Bitcoin price has erupted<\/a> to more than $55,000, clearing any downtrend resistance and potentially signaling that the bull run is back on. The move might have taken bears by surprise, however, the blueprint for what happened was created around 90 years ago.<\/p>\n<p>Here is a history lesson on Richard Wyckoff, Wyckoff theory, and how the market wizard born in the 1800s was able to predict the price action of a digital asset that didn&#8217;t debut until the 2000s.<\/p>\n<h2>Everything You Need To Know About Rickard Wyckoff And His Theory<\/h2>\n<p>Richard Wyckoff was known,\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Richard_Wyckoff\" target=\"_blank\" rel=\"noopener nofollow\">according to Wikipedia<\/a>, as an American stock market investor. He also founded and acted as the editor of the\u00a0Magazine of Wall Street in the early 1900s.<\/p>\n<p>Wyckoff himself was fascinated specifically in the underlying mechanics that caused trends to form or change. He spent much of his later career studying markets, and other investors of the time. Names of those he studied include <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-potentially-trades-inside-livermore-accumulation-cylinder-pattern-new-ath-imminent\/\">Jesse Livermore<\/a>, and JP Morgan.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-potentially-trades-inside-livermore-accumulation-cylinder-pattern-new-ath-imminent\/\">Ethereum Potentially Trades Inside Livermore Accumulation Cylinder Pattern<\/a><\/strong><\/em><\/p>\n<p>Wyckoff believed in the idea of a &#8220;composite operator&#8221; or a singular mind that controls the ebb and flow of the market. Wyckoff then spent his final days in the 1930s examining the behaviors of this &#8220;composite operator&#8221; and came up with certain <a href=\"https:\/\/wncen.com\/analysis\/btc\/the-bearish-bitcoin-chart-bulls-definitely-dont-want-to-see\/\">schematics<\/a> that would tell traders if the market is in one of four distinct phases: accumulation, mark up, distribution, and mark down.<\/p>\n<p>Phases of re-accumulation and re-distribution are also common as mid-points before the cycle repeats. But how does this all apply to Bitcoin?<\/p>\n<p>https:\/\/twitter.com\/tonyspilotroBTC\/status\/87805187<\/p>\n<h2>Bitcoin Price Breakout Could Be Predicted With 90-Year Old Schematic<\/h2>\n<p>Bitcoin price action was in clear distribution when the leading cryptocurrency by market cap reached $65,000 <a href=\"https:\/\/wncen.com\/analysis\/btc\/the-bearish-bitcoin-chart-bulls-definitely-dont-want-to-see\/\">in April 2021<\/a>, as the tweet above demonstrates.<\/p>\n<p style=\"text-align: center\"><b><i>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-trend-strength-bulls\/\">Bulls Regain Control Over Bitcoin Trend Strength: What To Expect<\/a><\/i><\/b><\/p>\n<p>After crypto took a huge plunge in May, it was then up to the &#8220;composite operator&#8221; to decide if the asset would be re-distributed, or re-accumulated. The chart below makes it quite clear which of the two was happening.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-473173 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTCUSD_2021-10-06_13-42-10.png?resize=860%2C391\" alt=\"BTCUSD_2021-10-06_13-42-10\" width=\"860\" height=\"391\"><\/p>\n<pre style=\"text-align: center\">Wyckoff re-accummulation should lead to extensive mark up and new all-time highs | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>What should come next, is a mark up phase. And when that is over distribution will happen again and put <a href=\"https:\/\/wncen.com\/news\/bitcoin\/dangerous-bear-fractal-in-bitcoin\/\">a final end to the current bull cycle once and for all<\/a>.<\/p>\n<p>At that point, watching for signs of re-distribution or accumulation at the bottom would be what the techniques designed more than 90 years ago would suggest. But that is only if you believe in the power of Wykcoff theory. Do you?<\/p>\n<p><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/tonyspilotroBTC\" rel=\"nofollow\"><b><i>@TonySpilotroBTC on Twitter<\/i><\/b><\/a><b><i> or via <\/i><\/b><a href=\"https:\/\/t.me\/TonyTradesBTC\" rel=\"nofollow\"><b><i>the TonyTradesBTC Telegram<\/i><\/b><\/a><b><i>. Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n<pre>Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has erupted to more than $55,000, clearing any downtrend resistance and potentially signaling that the bull run is back on. The move might have taken bears by surprise, however, the blueprint for what happened was created around 90 years ago. Here is a history lesson on Richard Wyckoff, Wyckoff theory, and how the market wizard born in the 1800s was able to predict the price action of a digital asset that didn&#8217;t debut until the 2000s. Everything You Need To Know About Rickard Wyckoff And His Theory Richard Wyckoff was known,\u00a0according to Wikipedia, as an American stock market investor. He also founded and acted as the editor of the\u00a0Magazine of Wall Street in the early 1900s. Wyckoff himself was fascinated specifically in the underlying mechanics that caused trends to form or change. He spent much of his later career studying markets, and other investors of the time. Names of those he studied include Jesse Livermore, and JP Morgan. Related Reading |\u00a0Ethereum Potentially Trades Inside Livermore Accumulation Cylinder Pattern Wyckoff believed in the idea of a &#8220;composite operator&#8221; or a singular mind that controls the ebb and flow of the market. Wyckoff then spent his final days in the 1930s examining the behaviors of this &#8220;composite operator&#8221; and came up with certain schematics that would tell traders if the market is in one of four distinct phases: accumulation, mark up, distribution, and mark down. Phases of re-accumulation and re-distribution are also common as mid-points before the cycle repeats. But how does this all apply to Bitcoin? https:\/\/twitter.com\/tonyspilotroBTC\/status\/87805187 Bitcoin Price Breakout Could Be Predicted With 90-Year Old Schematic Bitcoin price action was in clear distribution when the leading cryptocurrency by market cap reached $65,000 in April 2021, as the tweet above demonstrates. Related Reading | Bulls Regain Control Over Bitcoin Trend Strength: What To Expect After crypto took a huge plunge in May, it was then up to the &#8220;composite operator&#8221; to decide if the asset would be re-distributed, or re-accumulated. The chart below makes it quite clear which of the two was happening. Wyckoff re-accummulation should lead to extensive mark up and new all-time highs | Source: BTCUSD on TradingView.com What should come next, is a mark up phase. And when that is over distribution will happen again and put a final end to the current bull cycle once and for all. At that point, watching for signs of re-distribution or accumulation at the bottom would be what the techniques designed more than 90 years ago would suggest. But that is only if you believe in the power of Wykcoff theory. Do you? Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":473171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-473170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>How 90-Year Old Market Wizardry Predicted The Bitcoin Breakout<\/title>\n<meta name=\"description\" content=\"Bitcoin price has erupted to more than $55,000, clearing any downtrend resistance and potentially signaling that the bull run is back on. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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