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Lean Bullish Techniques as Massive Bitcoin Price Switch Brew



Bitcoin (BTC) is about to see a massive volatility, according to a long-term technical indicator. Sure, the top cryptocurrency rose 42% two weeks back, from $ 7,300 to $ 10,500 apparently in the news that the President of China has called for formal adoption of blockchain technologies. But, something bigger is purportedly brewing.

Related Read: Despite Price Surge at $ 9,000, Bitcoin Not Bullish But: Analyst

Bitcoin Volatility on Its Way

According to a recent review of a weekly BTC chart by Mr. Anderson, a massive Bitcoin move is brewing. He noted that while it could easily be caught in "flashes of volatility" in lower time frames, a key indicator suggests a larger, extended move for the cryptocurrency market.

The indicator in question is a weekly Bollinger The Band Width (BBW) indicator ̵

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

Today, the indicator is up to 0.42, or really long-term volatility. The last time this indicator contacted the BBW range was in late-March – just a week before Bitcoin was shot down from $ 4,000 to $ 5,000 in a surprising move that started on the micro bull market this year .

BBW was also under the 0.40 range just a week or two before Bitcoin crash in November 2018, when the previous bull run began in October 2016, and a few months before Bitcoin's breakdown of the previous $ 100 for the first time ever in 2013.

In other words, a long-term trend of Bitcoin's price is about to rise.

Related Read: An Ethereum Price Is Higher Surge as Bitcoin Slows: Analysis

Up or Down?

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

According to apparently consensus analysts, a resumption of the bull trend earlier this year is more likely than not. As reported by NewsBTC previously, Trader HornHairs noted that "he likes the chance that we hit $ 14,000 before $ 7,000." He noted in a recent tweet that included Bitcoin trading strong and holding above a month's bullish, the 0.618 Fibonacci Retracement of the whole cycle, the Point of Control as defined by the volume profile, and the annual pivot, the BTC is dependent rather than bullish.

Also, businessman and CoinTelegraph found FilbFilb contributing late November or beginning of November or beginning of November December, the 50-week and 100-week moving averages will see a "gold cross," which he claims is more significant "for the Bitcoin market than other technical crosses. .

Related Reading: The Bitcoin Retrace Is Down to $ 7,000? The Fractal Price Is So
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