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"Much Bigger" Bitcoin Price Move Is Right on the Horizon: Market Analyst Jim Wyckoff

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    Technical analyst Jim Wyckoff claims that Bitcoin might experience a sharp price move after its “collapse” in volatility  

Cover image via www.kitco.com
Contents

According to Kitco’s technical analyst Jim Wyckoff, Bitcoin is on the brink of a major price move that will come after weeks of indecisive sideways trading. He believes that Bitcoin’s next breakout or breakdown will happen as early as this week.

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Bitcoin’s stability is worrisome

Wyckoff alleges that Bitcoin is bound to see some fireworks after its volatility has plunged to the lowest level since May.

Bulls and bears are presently on a level near-term technical playing field amid choppy and sideways trading that has turned very quiet.”

This prediction channels the one that was made by trading legend John Bollinger on Sept. 12. He pointed out that Bitcoin and altcoins were stuck in the Bollinger Bands (BB) Squeeze, which appears during the periods of low volatility.

In fact, BBands have only been in such a tight range only a couple of times throughout Bitcoin’s entire existence.

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Bitcoin’s big week

With the great descending triangle of 2019 drawing to a close, Bitcoin will definitely keep traders on the edge of their seats this week. Considering that this bearish chart pattern has a high failure rate, both bearish and bullish scenarios are on the cards.    

Chances are that the bulls will have a major cause for celebration given that descending triangles break upwards 63 percent of the time during bulls markets. Otherwise, it’s going to be bloody.

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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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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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