Market Analyst Jim Wyckoff Predicts That Bitcoin Price Action Will Be Really Boring in the Nearest Future

Libra Coin News
Tue, 09/10/2019 - 14:04
Alex Dovbnya
Jim Wyckoff’s cryptal ball doesn’t show any significant Bitcoin price move in the coming days
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The days of choppy trading are nowhere near being over, according to Kitco’s technical analyst Jim Wyckoff. The Bitcoin price will most likely fluctuate within its current range this week.

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No fireworks 

Wyckoff points out that the bulls have already lost whatever advantage over bears, and now it’s tug-of-war all over again. He will retain a neutral stance with more sideways action expected “in the coming days.”

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The market will probably continue see-sawing until the resolution of a major descending triangle that has recently caught the eye of top Bitcoin traders. This pattern has a relatively high failure rate, which could result in a major breakout.

At the time of writing, BTC is trading at $10,265.56, according to CoinMarketCap data, with minor losses over the last 24 hours.

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A bullish scenario

As reported by U.Today, some of the most sought-after cryptocurrency traders remain bullish on Bitcoin despite a recent stumble in the road to $11,000.

Earlier, cryptocurrency trader John Bollinger predicted that the BTC price could bottom out in the $9,000-$10,000 range before experiencing a major upward move.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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