Bitcoin (BTC) is seeing tremendous volatility, according to a long-term technical indicator. Sure, the leading cryptocurrency rose 42% two weeks back, rising from $ 7,300 to $ 10,500 apparently on the news that China's president asked for formal use of blockchain technologies. But something bigger is brewed to brew.
Related Reading: Despite the $ 9000 price increase, Bitcoin Not Bullish Yet: Analyst
Bitcoin Volatility on its Way
According to a recent analysis of 19459010 a week's BTC chart of trader Mr. Anderson , it's a massive Bitcoin move that brews. He noted that while it is easy to get caught up in the "flashes of volatility" in lower timeframes, a key indicator signals an even bigger, expanded move for the cryptocurrency market.
The current indicator is that week's Bollinger Band Width (BBW) indicator ̵
Right now, the indicator has reached 0.42, or really long-term volatility. Last time this indicator interacted with this BBW range was the end of March – just a week before Bitcoin shot from $ 4,000 to $ 5,000 in the shocking move that started this year's micro-beef market.
$ BTC Wkly [19659005] Something bigger is brewing!
It is easy to get caught up in the flashes of volatility on lower timeframes. However, when you trade in larger numbers (ie $ 9000), it is also easy to miss the lack of scale volatility (HTF)
The weekly saying is that something much bigger comes pic.twitter .com / tOpj6FYDE5
– Mr. Anderson (@ TrueCrypto28) November 4, 2019
BBW was also below the 0.40 range just a week or two before Bitcoin crashed in November 2018 when the previous one The bull run began in October 2016, and a few months before Bitcoin broke past $ 100 for the first time ever in 2013.
In other words, there is soon a long-term price trend in Bitcoin.
Related Reading: Ethereum Price Has the Potential for Overvoltage Higher When Bitcoin Brakes: Analysis
Up or Down?
Of course, this might make you wonder – will Bitcoin continue its beef trend higher or come back to a bear market state?
According to the apparent consensus on analysts, a resumption of the beef trend earlier this year is more likely than not. As reported by NewsBTC earlier, Trader HornHair noted that he "likes the chance that we hit $ 14,000 before $ 7,000." He noted in a recent tweet that with Bitcoin bouncing strongly and holding it a the monthly bullish breaker, the 0.618 Fibonacci Retracement of the entire cycle, the checkpoint as defined by the volume profile, and the annual pivot, the BTC is skewed quite bullish.
$ BTC Monthly Confluence
+ 1M bullish breaker
+. 618 retracement
+ HVN / PoC volume profile
+ Yearly Pivot
+ Inside baroutI like the chances that we hit $ 14,000 before $ 7000. pic.twitter.com/0l1VlDAmA0
– HornHairs 🌊 (@CryptoHornHairs) October 31, 2019
Also trader and CoinTelegraph contributor FilbFilb found that by the end of November or early December, the 50 week and 100 week moving averages will see a "golden cross", which he claims is far more important "for the Bitcoin market as other technical crosses.
Related reading: Will Bitcoin hold back to low $ 7,000 s? Price Fractal Says So
Featured Image from Shutterstock [19659024]
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