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According to a cryptocurrency trader, Bitcoin will see a “monster breakout” in the next three days as the BTC price continues to tighten on a macro scale.
He shared the chart which shows that per the Bollinger Bands, a key technical indicator denoting volatility and key levels, BTC’s price action is extremely tight.
Separate analyses of the Bollinger Bands indicator have found that they are at their tightest levels since November 2018.
What followed the consolidation, of course, was a 50% drop over the span of two weeks that ended the bear market.
This suggests there will be an imminent move of macro proportions, likely to play out within the next week or two.
Bulls Are In Control?
Volatility indicators do not indicate which way the leading cryptocurrency will break.
But with this latest news and new analyses, a growing number of traders are betting on the case for upside.
KI Young Ju, the chief executive of cryptocurrency analytics firm CryptoQuant, shared the charts below on July 20th.
Attached, he wrote that there are three on-chain indicators signaling investors to “BUY.”
These indicators are as follows:
* Addresses linked to Bitcoin miners are not sending their coins to exchanges, suggesting they are not being sold. * Large BTC holders deemed “whales” remain HODLing their coin.
* The reserve of BTC on exchanges “hit the year-low a month ago and [it has kept] that low.
This suggests there remains an accumulation mindset amongst a majority of cryptocurrency investors.
Further adding to the bull case forming, digital asset manager Charles
Edwards noted last week that his flagship indicator just printed a macro buy signal. “Bitcoin Hash Ribbons “Buy” signal just confirmed.
The post-Halving signal is particularly special. It will probably be a very long time until the next occurs. …and so the great bull run begins.”
In other trending Bitcoin News today:
Bitcoin Appears Ready for Extraordinary Move in Just 48 Hours, According to Morgan Creek Digital Partner
Bitcoin’s three-month-long tightening trading range may end in about 48 hours, says Morgan Creek Digital executive Jason Williams.
Williams tells his 41,000 Twitter followers that BTC appears to be poised for a big move as the leading cryptocurrency approaches the apex of an ascending triangle pattern on the short-term timeframe.
“This feels like a little World Cup of sorts. Bitcoin could break out on or about the 22nd. I don’t think I would want to be on the sidelines going into this… Bitcoin volatility could be extraordinary to the upside.”
The Morgan Creek Digital co-founder is not the only analyst who expects the end of BTC’s tightening range soon.
Crypto strategist Ethereum Jack sees the king cryptocurrency exploding within the next seven days as Bitcoin’s spot volume hits a level that precedes significant price expansion.
A dwindling volume indicates that many traders are on the sidelines while waiting for an asset to provide clarity in terms of direction.
Meanwhile, the pseudonymous crypto trader Walter Wyckoff believes that Bitcoin will breach resistances as it gets a helping hand from a bullish S&P 500.
“Probably SPX [is] gonna rip on vaccine news and if that happens [it is] gonna pull up BTC. I think that futures opening on legacy will give a clue on what we should expect for the breakout of BTC. Can’t see Bitcoin giga dumping while markets make new highs.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
This feels like a little World Cup of sorts. #bitcoin could break out on or about the 22nd.I don’t think I would want to be on the sidelines going into this but low time pref 🧠
— Jason Williams 🦍 (@JWilliamsFstmed) July 19, 2020
On-chain Indicators Status: BUY 🟢– Miners are not selling (based on MPI, Miner Outflows)
– No significant #BTC exchange inflows from whales so far