Through a Graph Darkly – Market Observations on BTC

January 23, 2026

Nick Cowan, NJC Capital CEO takes a look at BTC to try and give some perspective on the last 12 months and the reason behind the moves. The video explores supply and demand; cause and effect; effort vs result as well as looking at the market cycles of accumulation, markup, distribution and markdown. Nick also gives a quick insight into a BTC Point ‘n’ Figure chart to try and explain the cause behind the moves up and down.

https://drive.google.com/file/d/1vwja2NRgA4gY7jA33OnJPSVCxdEgu5UC/view?usp=drive_link

“May your longs go up, your shorts go down and your flat positions stay sharply unchanged. Safe trading.”

Nick

Any content shared on NJCCapital.co is for educational purposes only and does not constitute a recommendation to buy or sell any financial instrument. Trading involves substantial risk and is not suitable for all investors. We have collated the most relevant content we can find from multiple sources including all of Wyckoff’s books (absolutely recommended reading), educational providers (of which there are many but I would point to stockcharts.com and WyckoffAnalytics.com as excellent teachers and a great resource for Wyckoff materials) and our own experience as traders and students of Wyckoff and being mentored by the late, great David Weiss. We will also publish the occasional video tutorial and any perspectives we think help in any small way to understanding the Wyckoff method and his theoretical and practical approaches to the markets.