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

Libra Coin News
Mon, 09/16/2019 - 13:50
Alex Dovbnya
Technical analyst Jim Wyckoff claims that Bitcoin might experience a sharp price move after its “collapse” in volatility  
Cover image via www.kitco.com

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.

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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