Trading Expert Jim Wyckoff Talks Bitcoin Price Downtrend

Libra Coin News
Fri, 08/30/2019 - 13:53
Alex Dovbnya
Despite starting off August on a high note, the Bitcoin price is at risk of forming of a monthly low close   
Cover image via twitter.com

The Bitcoin price experienced a sharp drop below the $10,000 level on Aug. 28, and its recovery doesn’t seem to be on the horizon.

Trading veteran Jim Wyckoff, who has more than 30 years of working with traditional markets, believes bulls could feel more pain in the short-term.

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Bitcoin Futures Might Have Triggered Massive BTC Price Drop

Wyckoff points out that bears have managed to establish a price downtrend on the 1-day price chart. At this point, sideways trading remains the most plausible scenario when both camps don’t move the needle.

 image by kitco.com

However, bulls fail to stand their ground and experience more losses until Apr. 31, this would result in a bearish monthly low close. Thus, Bitcoin’s chances to pull off a recovery in September would be severely undermined.

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Financial Analyst Max Keiser Explains Why Bitcoin Price Will Hit $25,000

According to cryptocurrency trader Joe Rager, the BTC price will plunge below the $8,700 level if it prints a daily close below its previous low.

Conversely, if Bitcoin surges above $10,100, bulls will be back in charge.   

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.