RE: Bitcoin Back Over $8,000
Honey Badger does not care what the “experts” or truly anyone says. What is the current count that Bitcoin has “died”? 378? Altcoins haven’t taken over, Bitcon hasn’t plunged into the $3K’s…
Bitcoin Flashes Wyckoff ‘Sign of Strength’ Hinting at New Bull Market
“Bitcoin (BTC) may have just signaled its return to a bull market, according to fresh analysis using a century-old price prediction method.
In a tweet on Jan. 7, ex-Goldman Sachs analyst Murad Mahmudov channeled the work of Richard Wyckoff to suggest Bitcoin was in the process of a major recovery.
BTC/USD cracked resistance at $7,600 on Monday, surprising punters who considered the levels too difficult to pass under current conditions. At press time, the pair traded at $7,875, having reached $7,980 and gaining 5% on the day.
Wyckoff was the father of a whole new method of analyzing price performance, dubbed the Wyckoff Method. According to Mahmudov, who uploaded a chart to demonstrate Bitcoin’s position, the largest cryptocurrency has already put in a bottom.
Tuesday’s spike to near $8,000, for example, was an “SOS” point for BTC/USD in Wyckoff terms. SOS stands for “sign of strength,” and typically follows a so-called “spring” event which sees a price low point.
After the SOS, a slight retracement called a “back-up” should precede further gains, according to the model.”