A Reddit user has discovered a financial analysis chart that may predict a surge in Bitcoin’s price in the near future. The chart, which graphs a hypothetical price reversal, was created by analyst Richard Wyckoff in the early 20th-century.
Wyckoff is a hugely respected figure amongst Wall Street traders and is featured in many teachings regarding price analysis and predictions.
With undeniable accuracy, Wyckoff’s graph perfectly mirrors Bitcoins recent price movements and resistance points. If the popular cryptocurrency continues to mirror the charts movements it will soon be seeing a significant surge in price.
The Wyckoff method is a well-known analysis instrument that uses market laws and trading scenarios to predict price movements:
– Law of supply and demand determines price direction
– Law of cause and effect: a significant event determines price
– Law of effort: The presence of volume
If Bitcoin continues to make gains over the next few days and breaks through key resistance levels of $7800 then we will almost certainly be seeing a recovery in the near future.
However, some users on Reddit have pointed out that if you look hard enough you will likely be able to find a graph that fits any scenario you desire. One user commented that “S**t goes up, s**t goes down. That’s all you need to know.”
Image From Shutterstock
