Investors are aching to see some kind of a meaningful trend emerging for Bitcoin.
But the only thing that you can see from the
Bitcoin price for the past few months is just a sideway
movement and a narrow range. Since February 2018,
we have marked a high of $11,784 and low $5,922 and ever since
we have been trading in this range. In fact, most recently,
from April 6 until today, the range is even narrower; $6,513 to $9,795.
The average true range, five-day exponential, has dropped to its lowest level
of $231 for this year. Since the start of this year, the dominant trend
for this has been skewed to the downside.
Similarly, the 90-day volatility index has also taken a nose dive
and it is almost in a free fall. I do think this is about to change,
because, firstly; we have started to trade in a narrow range- not normal
for the Bitcoin price, finally, the 90-day volatility is in a free.
Bitcoin isn't an animal which can be put on a leash that easily.
It may be premature to say that the bottom is firmly
in place because in order for that to happen,
we would need to break the price level of $10,000.
Given that we have a symmetrical triangle formed
on a daily time frame and we are moving closer toward
the capitulation end, the upward breakout could start
a new trend that could push the price toward $13,982
and a downward move could project the price towards $1,292.
CHEERS
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