Bitcoin (BTC) showing seldom-seen weekly chart signal; what this implies BTC $BTC
The relevance of this is that because Bitcoin is rarely quiet for such long periods, the likelihood of a volatile move either way increases." predicts that a major move might be brewing for the first and largest crypto asset:"Either way, a major move for Bitcoin is brewing, as volatility is at historic lows.Weekly Bollinger bands have never been as tight as they are today.Fireworks, soon.
In another Twitter update, Jelle stated,"Expecting this week to be slow, but fireworks to start next week."traded comfortably above $29,300 for much of the weekend before plummeting in the hours following Curve Finance's announcement of a breach. BTC had slightly rebounded and was marginally up in the last 24 hours to $29,378 at the time of writing.
In the short term, two scenarios remain: the bears attempt to bolster their position by sustaining the price below the critical MA 50 at $29,447. If this holds, BTC could remain rangebound between $31,000 and $24,750 for the foreseeable future. Alternatively, a break and close above the overhead barrier at $30,277 might indicate that the advantage has tilted in favor of bulls. BTC might target the $31,000 to $32,000 levels afterward.
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