{"id":8092,"date":"2023-06-21T02:09:25","date_gmt":"2023-06-21T02:09:25","guid":{"rendered":"https:\/\/www.bitrabo.com\/community\/how-a-90-year-old-ta-theory-predicted-the-sudden-bitcoin-boom\/"},"modified":"2023-06-21T02:09:55","modified_gmt":"2023-06-21T02:09:55","slug":"how-a-90-year-old-ta-theory-predicted-the-sudden-bitcoin-boom","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/how-a-90-year-old-ta-theory-predicted-the-sudden-bitcoin-boom\/","title":{"rendered":"How A 90-Year Old TA Theory Predicted The Sudden Bitcoin Boom"},"content":{"rendered":"\n
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Bitcoin price is suddenly on the rise, thanks to a surge of positive news.<\/p>\n

If you’re wondering whether the recent filing of a Bitcoin ETF by BlackRock and the launch of EDX, a new non-custodial crypto exchange supported by Charles Schwab, Citadel, Fidelity, and others, were coincidentally timed with the bullish price action, then keep reading. You’ll learn about a technical analysis methodology that accurately predicted this trend 90 years ago.<\/p>\n

<\/span>Bitcoin News Cycle Turns Positive, Price Follows<\/span><\/h2>\n

After almost two years of negative sentiment, news, and price action, Bitcoin is suddenly making positive headlines. As the news cycle appears to be shifting, the price is once again moving upward.<\/p>\n

While this change in trend and narrative might come as a surprise to many, the Wyckoff Method, a more than 90-year-old technical analysis theory, foresaw this development decades ago.<\/p>\n

<\/span>What Is The Wyckoff Method? The 90-Year-Old Theory Explained<\/span><\/h2>\n

The Wyckoff Method was founded by Richard Wyckoff in the 1930s, alongside other notable theories such as the Elliott Wave Principle by Ralph Nelson Elliott and Dow Theory by Charles J. Dow.<\/p>\n

Each of these technical analysis pioneers had their own observations on market behavior. The Wyckoff Method suggested that retail investors and traders should act as though the market was being controlled by what Wyckoff called the “Composite Man.”<\/p>\n

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Could this be the work of the composite man? | BTCUSD on TradingView.com<\/a><\/pre>\n
<\/span>Meet Crypto\u2019s So-Called Composite Man<\/span><\/h2>\n
According to Wyckoff, the Composite Man was simply the name given to large actors in the market, also known as the smart money. These powerful players would accumulate assets at low prices, and once they had built a substantial position, they would raise prices to showcase their presence.<\/p>\n
In addition to following a Wyckoff accumulation pattern, which is depicted in the image above, the sudden increase in price action aligns closely with recent moves made by major actors such as BlackRock, Charles Schwab, Citadel Securities, Fidelity Digital Assets, Sequoia Capital, and others. Could these institutions potentially be acting as the “Composite Man” that Wyckoff referred to? Only time will tell.<\/p>\n
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In Wyckoff theory, “the Composite Man attracts the public to buy a ‘stock’ in which he has accumulated a sizeable line of shares\u2026 in effect advertising his stock by creating the appearance of a ‘broad market.’<\/p>\n
Say hello to the Composite Man@BlackRock<\/a> @DigitalAssets<\/a>\u2026 pic.twitter.com\/mWZwQs0o5q<\/a><\/p>\n
\u2014 Tony “The Bull” (@tonythebullBTC) June 20, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n