Wyckoff Model predicts Bitcoin Top.*5

Phase C

The up thrust after distribution marks the phase after tests of demand at the various ranges of the current TR. At this point, it is clear to the market movers that there is a greatly diminished amount of demand. The UTAD (Upthrust after distribution) is a bull trap and frequently looks like a bullish continuation pattern. However, it is faded quite quickly and price returns to the base of the range quite quickly. This is another opportunity for large interests to offload some at elevated prices before the markdown begins in earnest. It also incites smaller and less informed traders to stop out of their shorts from the previous range.