Technicals Lean Bullish as Massive Bitcoin Price Move Brews

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Bitcoin (BTC) is about to see a massive bout of volatility, according to a long-term technical indicator. Sure, the leading cryptocurrency spiked by 42% two weeks back, surging from $7,300 to $10,500 seemingly on the news that China’s President was calling for the formal adoption of blockchain technologies. But, something bigger is purportedly brewing.

Related Reading: Despite Price Surge to $9,000, Bitcoin Not Bullish Yet: Analyst

Bitcoin Volatility on Its Way

According to a recent analysis of the one-week BTC chart by trader Mr. Anderson, a massive Bitcoin move is brewing. He noted that while it’s easy to get caught up in the “flashes of volatility” on lower time frames, a key indicator signals an even larger, extended move for the cryptocurrency market.

The indicator in question is the one-week Bollinger Band Width (BBW) indicator — an indicator that shows the width between the highest and lowest Bollinger Bands, which itself is a tool used to determine ranges.

Right now, the indicator has reached 0.42, or really long-term volatility. The last time this indicator interacted with this BBW range was in late-March — just a week before Bitcoin shot from $4,000 to $5,000 in the shocking move that kicked off this year’s micro bull market.

$BTC Wkly

Something bigger is brewing!

It is easy to get caught up w/ the flashes of Volatility on Lower Time Frames. However, when dealing w/ bigger number (i.e. $9000) it is also easy to miss a lack of Volatility at scale(HTF)

The weekly say’s something much bigger is coming pic.twitter.com/tOpj6FYDE5

— Mr. Anderson (@TrueCrypto28) November 4, 2019

The BBW also was under the 0.40 range just a week or two before Bitcoin crashed in November 2018, when the previous bull run began in October 2016, and a few months prior to Bitcoin breaking past $100 for the first time ever in 2013.

In other words, a long-term Bitcoin price trend is soon to form.

Related Reading: Ethereum Price Has Potential to Surge Higher as Bitcoin Slows: Analysis

Up or Down?

Of course, this may leave you wondering — will Bitcoin continue its bull trend higher or return to a bear market state?

According to the seeming consensus of analysts, a resumption of the bull trend earlier this year is more likely than not. As reported by NewsBTC previously, Trader HornHairs has noted that he “likes the chance we hit $14,000 before $7,000.” He remarked in a recent tweet that with Bitcoin bouncing strong and holding above the one-month bullish breaker, the 0.618 Fibonacci Retracement of the entire cycle, the Point of Control as defined by the volume profile, and the yearly pivot, BTC is leaning rather bullish.

$BTC Monthly confluence

+1M bullish breaker
+.618 retracement
+Volume Profile HVN/PoC
+Yearly Pivot
+Inside bar fakeout

I like the chances we hit $14,000 before $7,000. pic.twitter.com/0l1VlDAmA0

— HornHairs 🌊 (@CryptoHornHairs) October 31, 2019

Also, trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Related Reading: Will Bitcoin Retrace to Low-$7,000s? Price Fractal Says So
Featured Image from Shutterstock

The post Technicals Lean Bullish as Massive Bitcoin Price Move Brews appeared first on NewsBTC.

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