Bitcoin price action shows tighter Bollinger Bands
Today I read an article in Cointelegraph by William Suberg, this article caught my attention because of the technical level of the writing and I wanted to share with you all some considerations on how the Bitcoin price action shows tighter Bollinger Bands this in correspondence to the reading of the well known Scott Melker.
One of the arguments that struck me most in the article is that according to Capriole founder and CEO Charles Edwards "Bitcoin is currently trading at a significant volatility low. Typically, when Bitcoin comes out of extremely low volatility, the subsequent trend tends to last. Don't fight the trend when the next major move occurs."
However, I agree with Charles Edwards as I think that the following sideways trend may continue in the first quarter of this year, which in my opinion will be quite healthy for the cryptocurrency market.
Another aspect that caught my attention in William Suberg's article is precisely what "Wolf of All Streets" podcast host Scott Melker has added as the "tightest" Bollinger Bands he has ever seen on the daily Bitcoin chart, and certainly this behaviour can trigger volatility in the cryptocurrency market..
In this sense, and contrasting both scenarios i.e. a quarter of a sideways trend with low volatility, or a few months with an increase in the volatility of Bitcoin price action, in my case I am inclined to believe that we will have a sideways trend.
SOURCES CONSULTED
Cointelegraph ‘Big move brewing’ for BTC price? Bitcoin may stay flat, hints analyst. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image background: Cointelegraph
It seems like we will see longer sideways move of the market and it points that bottoms is in already. But let's wait for the sideways over so we can see some volatility in the market and that is what we are looking for.
Hi @luckyali.writes
I think like you, I think the next few months will develop a prolonged sideways movement in Bitcoin price action.
Best regards, be well.