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.<\/p>\n
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.<\/p>\n
Cold Blooded Shiller<\/a>, 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.<\/p>\n Shiller recently noted<\/a> 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 hit, sellers dump their coins; when the bottom of the channel is touched, buyers step in, pushing the price back towards the middle of the channel.<\/p>\n I'll cover this off in a thread as I've been tagged in two threads asking for thoughts on $BTC<\/a> Wyckoff schematics at this stage.<\/p>\n Let's explore it, I'll give you some education, things to look for and determine if we may be at a bottom. pic.twitter.com\/a5FxQrkD00<\/a><\/p>\n — Cold Blooded Shiller (@ColdBloodShill) December 7, 2019<\/a><\/p><\/blockquote>\nIs the Bitcoin Bottom Really In? Wyckoff Schematics Says No<\/strong><\/h2>\n
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