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Technicals Lean Bullish as Massive Bitcoin Price Move Brews



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 ̵

1; an indicator that shows the width between the highest and lowest Bollinger Bands, which itself is a tool used to determine areas.

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.

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.

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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