BTC Distribution or Accumulation?
Is Bitcoin in a Distribution phase or an accumulation phase?
Are the whales buying? or Selling?
Looking at the price action in BTC, you can see that the whales are at play.
Given the issues with NVDA & AMD, mining will not be seeing a huge upswing for the current term. Also cooling those mining rigs are expensive ! and the cost of energy is not making BTC mining profitable. So there is a supply hit!
But, from a demand side, as a store of wealth, BTC is still too volatile for my liking ... so My call ... The Whales are selling. Which means we are seeing some re-distribution here.
How does a Wykoff analysis of these charts play out?
Let me know what you guys think!
Are the whales buying? or Selling?
Looking at the price action in BTC, you can see that the whales are at play.
Given the issues with NVDA & AMD, mining will not be seeing a huge upswing for the current term. Also cooling those mining rigs are expensive ! and the cost of energy is not making BTC mining profitable. So there is a supply hit!
But, from a demand side, as a store of wealth, BTC is still too volatile for my liking ... so My call ... The Whales are selling. Which means we are seeing some re-distribution here.
How does a Wykoff analysis of these charts play out?
Let me know what you guys think!
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