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Trading Vet Jim Wyckoff Is Not Bearish on Bitcoin Despite Recent Price Drop

  • Alex Dovbnya
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    Bitcoin’s recent pullback might have emboldened the bulls, but the battle is far from over 

Trading Vet Jim Wyckoff Is Not Bearish on Bitcoin Despite Recent Price Drop
Cover image via jimwyckoff.com
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The Bitcoin price fell sharply below the $11,200 level on Aug. 10, which indicated a mounting selling pressure. Still, trading vet Jim Wyckoff, who has been involved in markets for over 30 years, believes that this is not a bearish sign for the crypto king.

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A much-needed pause  

In his recent post on Kitco, Wyckoff suggests that the continuous sideways trading of Bitcoin futures is simply a sign that the bulls need to take a rest before another price rally. He still believes that the bulls have a technical advantage over the bears as both camps are currently playing tug-of-war.

According to CNBC, the Dow futures dropped by more than 170 points, indicating that the US stock market will take a hit during the opening bell. The US-China trade war tensions have been recently exacerbated by Hong Kong's airport canceling all flights due to ongoing protests.

However, it is not clear whether the bulls will manage to benefit from this turmoil given that the correlation between Bitcoin and the Chinese yuan is weakening.

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Goldman predicts a new ATH  

Speaking of the long-term picture, Goldman Sachs, the leading US bank, has a short-term price target at $13,971, according to a tweet posted by Three Arrows Capital CEO Su Zhu. The prediction is based on the Elliott Wave theory.

“Any such retracement from $12,916-$13,971 should be viewed as an opportunity to buy on weakness as long as it doesn’t retrace further than the $9,084 low,” the analysis says.

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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

  • Yuri Molchan
    📰 News

    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’

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