RATE Group | Wyckoff Schematic Suggests Bitcoin Bottom Not In at $6,600: Analyst
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Wyckoff Schematic Suggests Bitcoin Bottom Not In at $6,600: Analyst

08 Dec Wyckoff Schematic Suggests Bitcoin Bottom Not In at $6,600: Analyst

Posted at 20:47h in Bitcoin News by

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Is the bottom in? Since Bitcoin (BTC) fell precipitously to $6,600 late last month, analysts have been asking if the leading cryptocurrency has finally found a price bottom after a multi-month downturn.

Related Reading: Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern

Analysts have understandably divided over the question, as the correct answer would show in which direction Bitcoin will head for the next couple of months. Some are bullish, others are bearish.

Cold Blooded Shiller, a popular full-time trader, recently laid out the case that the bottom is not yet in, citing a form of analysis pioneered by prominent chartist and technician Richard Wyckoff.

Is the Bitcoin Bottom Really In? Wyckoff Schematics Says No

Shiller recently noted that as it stands, Bitcoin is in a “markdown from distribution” near the $13,000-$14,000 top, a markdown contained by a descending channel that has existed since the top of the recent bull run. When the top of the channel is…

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