Non compos mentat

 https://crypto.news/wyckoff-distribution-bitcoin-trading/

• ". . .  operating in liquid markets. The Wyckoff method does not rely on indicators, oscillators, or mathematical formulas. It relies on reading the tape, a skill that translates directly into reading candlestick charts with volume data today.

The Wyckoff market cycle

Wyckoff divided all market behavior into four repeating phases:

Accumulation occurs when large operators quietly build positions after a prolonged decline. Price moves sideways in a range while volume patterns reveal absorption of supply. Retail sentiment is typically bearish during this phase, which is precisely why informed money can buy at low prices without pushing the market up prematurely.

Markup follows accumulation. Once large operators have built their positions, they allow price to rise, often quickly, as diminished supply meets renewed demand. This is the phase most retail traders recognize and attempt to trade.

Distribution is the mirror image of accumulation. Large operators begin selling their positions to eager buyers near the top of a trend. Price again moves sideways, but this time the underlying dynamic is the transfer of ownership from informed to uninformed participants. Distribution is harder to identify in real time than accumulation because bullish sentiment masks the selling pressure.

Zuckoff follows distribution. Once large operators have sold enough of their inventory, price falls, sometimes rapidly, as the remaining holders discover that demand has evaporated.

The cycle then repeats. Wyckoff did not claim that every cycle looks identical, but he argued that the underlying logic of supply and demand creates recognizable behavioral patterns at each phase