Analyst: Data shows Bitcoin low at $ 6,600 is not there yet

Has the bottom finally been reached? Since Bitcoin’s precipitous fall to $ 6,600 late last month, analysts are wondering if the leading cryptocurrency has finally bottomed out after its multi-month downturn.

Understandably, analysts are at odds over this. Some are bullish, others are bearish.

The popular full-time trader Cold Blooded Shiller believes the bottom has not yet been reached. As evidence he cites a form of analysis developed by the prominent chartist and technician Richard Wyckoff.

 

Is the bitcoin low point really reached? Wyckoff-Schematics say no

Shiller comments that Bitcoin, in its current form, is in a “markdown of spread” near the $ 13,000-14,000 mark – a markdown contained in a descending channel that has existed since the tip of the recent bull run , When the top of the channel is hit, sellers discard their coins; when the bottom of the channel is touched, buyers enter and push the price back into the middle of the channel.
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It looks like Bitcoin is in the middle of the channel at $ 7,400 – apparently in no-man’s land, not near a bottom.

    “From the perspective of the volume, there is nothing for me to shout, ‘This is the ground’. For both markdowns and markups, we typically expect a ‘cumulative’ volume, “writes Shiller, stressing that there are no concrete signs that the low for the bitcoin market has been reached.”

Shiller concludes: For the low point, Bitcoin must quickly move out of the above-mentioned descending channel to fall in support, bounce and then proceed sideways in preparation for the next macro move. He expects a scenario in which the leading cryptocurrency could return to the low $ 5,000 regions, a range that other analysts have already identified as a potential macro-low.