Bitcoin (BTC) is about to experience a period of massive volatility, according to a long-term technical indicator. Of course, the main cryptocurrency has increased by 42% two weeks ago, from $ 7,300 to $ 10,500 apparently to the news that the Chinese president called for the formal adoption of blockchain technologies. But, something bigger is getting ready so-called.
Related reading: Despite soaring prices at $ 9,000, Bitcoin not yet bullish: Analyst
The volatility of Bitcoin on its way
According to one recent analysis Mr. Anderson, negotiator on the BTC's one-week chart, announces a massive move in favor of Bitcoins. He noted that while it was easy to get caught in "flashes of volatility" by shorter times, a key indicator signaled an even wider and longer evolution of the cryptocurrency market.
The indicator in question is the one week indicator of the Bollinger Bandwidth (BBW), an indicator indicating the width between the highest and lowest Bollinger bands, which is itself a tool used to determine the ranges.
At present, the indicator has reached 0.42, a very long-term volatility. The last time this indicator interacted with this BBW range, it was late March, just one week before Bitcoin went from $ 4,000 to $ 5,000 in the shocking move that launched the micro bull market of this year.
$ BTC Wkly
Something bigger is getting ready!
It is easy to get caught up in the flash of volatility on the best delays. However, when it comes to a larger number (ie $ 9,000), it is also easy to miss out on a lack of volatility at scale (HTF).
The weekly says something much bigger happens pic.twitter.com/tOpj6FYDE5
– Mr. Anderson (@TrueCrypto28) November 4, 2019
The BBW was also under the 0.40 mark just a week or two before Bitcoin collapsed in November 2018, when the previous climb began in October 2016 and a few months before Bitcoin surpassed the $ 100 for the first time in 2013
In other words, a long-term trend in Bitcoin prices is about to be formed.
Related reading: Ethereum's price could rise as bitcoin slows: analysis
Up or down?
Of course, this may be puzzling to you: will Bitcoin continue its uptrend or return to a bear market?
According to the apparent consensus of analysts, a recovery from the uptrend earlier this year is more likely than unlikely. As reported by NewsBTC previously, Trader HornHairs noted that he "enjoys the chance that we reach $ 14,000 before $ 7,000". defined by the volume profile and the annual pivot, BTC is rather bullish.
$ BTC Monthly confluence
+ 1M bullish breaker
+ Volume profile HVN / PoC
+ Annual pivot
+ Fakeout inside the bar
I like the odds that we reach $ 14,000 before $ 7,000. pic.twitter.com/0l1VlDAmA0
– HornHairs 🌊 (@CryptoHornHairs) October 31, 2019
FilbFilb, a supplier and supplier of CoinTelegraph, also found that at the end of November or the beginning of December, 50-week and 100-week moving averages will have a "gold cross", which he considers much more important "for the Bitcoin market: other technical crosses.
Related Reading: Will Bitcoin Be Back to $ 7,000? Price fractal says if
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