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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Wyckoff Study Suggests Bitcoin Bottom In, Price Could Pass $14,000

Nick Chong
Nick Chong
1 year ago
3 mins read

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For the umpteenth day in a row, Bitcoin (BTC) has bled out. In fact, as reported by NewsBTC on Monday, the cryptocurrency fell as low as $8,000 last trading session, plunging by 5% as bulls failed to step in while bears asserted their dominance.

This bearish price action, which has been going on for months now — save for a few moments of reprieve — has made many wonder at which point Bitcoin will bottom. According to a popular crypto trader’s interpretation of a technical study by legendary chartist Richard Wyckoff, the bottom came in at $7,300.

Related Reading: Bitcoin Fixes This: Top Bank Chief Says Monetary Policy is Failing

Is the Bitcoin Bottom In?

Trader Coiner Yadox recently noted that Bitcoin’s price action from the long-term bottom of $3,150 established in December of 2018 until now looks much like a textbook Richard Wyckoff pattern, which is marked by a strong surge upward after a bear market, a double-top pattern, an accumulation throwback, and then a bullish continuation after a bullish breakout.

Yadox suggested that should his interpretation of this Wyckoff pattern be correct, Bitcoin found a medium-term bottom at $7,400, and will soon see a strong breakout to the upside.

$BTC $BTCUSD

LOL, tell me this isn't $btc in 2019 pic.twitter.com/e3FtsKG4SV

— Coiner-Yadox (@Yodaskk) November 18, 2019

It isn’t only Wyckoff studies that support the idea of a Bitcoin bottom being in. Per previous reports from NewsBTC, cryptocurrency-centric research boutique Delphi Digital noted that Bitcoin’s volume profile, the amount of cryptocurrency that was traded, has printed clear signs that a bottom is in. More specifically, the market printed signs of weak volume (capitulation), a short accumulation at the bottoming range, then a surge out of accumulation into a potentially new bull phase.

They added that they currently see the cryptocurrency market very tied to risk assets, like the S&P 500. With risk assets setting new all-time highs on Friday after a strong jobs report and a potential trade deal, it could be said that BTC will surge higher with the risk assets.

Related Reading: $150,000 to $300,000: What Big Firms are Targeting For Long Term Bitcoin Predictions

Not So Fast

While Bitcoin’s price action over the past few months looks near identical to Wyckoff’s studies, there is one indicator of utmost importance that suggests Yadox’s hopium is misguided.

The indicator in question is the Hash Ribbons. The ribbons, which track the health and sentiment of Bitcoin miners, show that miners are on the verge of capitulating, which is what happened in mid-November, just before BTC began to tumble from $6,000 to $3,000.

https://twitter.com/ColeGarnerBTC/status/1196607463593635840

Miner capitulating, for those unaware, is when “small miners get backed into a corner when BTC price is low & the generation of mining hardware they use becomes obsolete.” The important part of this is that the capitulation of miners induces the sale of mined Bitcoin en-masse, pushing prices lower in a vicious cycle: “Undercapitalized miners panic sell, price dumps, longs get squeezed, stop losses cascade.”

Related Reading: Bitcoin Volume Lowest Since BTC Was at $4,000: Price Breakout Near
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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