Bitcoin Price Analysis: Bitcoin Poised for a Potentially Large Market Move

Over the past month, bitcoin has seen large fluctuations in price, as bulls fight to name the bottom, and bears are fighting to name the top of the market. The market saw a 50% retracement a few weeks ago, which led to the fact that bull investors "bought a dip" only in order to quickly see it and return again. Volatility is not alien to bitcoins, and the fluctuations were violent:

Figure 1: BTC-USD, 2-hour candles, Macro-trading range

Having found out, we see that the market is connected with the trading range. Continuing our previous discussions about the potential of the range of trade, we can see that rebounds are reduced not only in volume, but also in price volatility. These rebounds (labeled "LPSY" for the "last delivery point") give us clues as to how this trend may begin. The pink dashed line shows a trend toward lower highs, which are combined with a general, decreasing volume, indicating that demand is not only declining but also increasing.

When the macro-trend is put in context, bitkoyn seems to be consolidated by a lateral way:

Figure 2: BTC-USD, 6-hour candles, macro shooting

The price for the last couple of weeks has narrowed as the price volatility decreases along with the volume. Although it can be argued that this type of consolidation is a "Bear Pennant," for neutrality, we can treat it as a "symmetrical triangle": "

Figure 3: BTC-USD, 6-hour candles, symmetrical triangle

A triangle of this magnitude would have an approximate move of $ 6,500. As a rule, symmetrical triangles are agnostic and can lead to a bullish or bearish breakthrough. If this triangle breaks up, we can expect the price to be 22,000 dollars or so. However, if this consolidation pattern breaks down to the bottom of the triangle, we can expect prices to be as low as $ 7,000.

Summary:

Bitcoin begins to see a decline in volatility, as the volume begins to consolidate at $ 14,000.

A symmetrical triangle is formed that can collapse up or down.

If a symmetrical triangle breaks up, bitcoin can see prices at low $ 20,000. If the triangle breaks down, we can expect that bitcoin will check 7,000 dollars.

Trade and investment in digital assets, such as bitcoin and ether, are highly speculative and involve many risks. This analysis is intended for information purposes and should not be considered an investment advice. The statements and financial information on the Bitcoin Magazine and BTC Media sites do not necessarily reflect the views of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or retain. Past performance does not necessarily indicate future results.

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