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

Libra Coin News
Mon, 08/12/2019 - 13:00
Alex Dovbnya
Bitcoin’s recent pullback might have emboldened the bulls, but the battle is far from over 
Cover image via jimwyckoff.com
Contents

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.

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.