After suffering a very red day yesterday for all crypto, Bitcoin is having a green day although continuing to move more horizontal than vertical! 馃槃
Where has Bitcoin's volatility gone?!
It is bound to make some vertical moves soon... BTC never stays this calm for very long.
The charts show that BTC has been sitting in the middle or near middle of the Bollinger bands for a few weeks now. This indicates that we're neither oversold nor overbought.
And further suggests more sideways movement in the short term.
We're also still seeing an overall decline in volume over the last month. Which could push us down into the lower band as we build toward a moving average cross.
The 10 and 50 day moving averages are getting very close to touching and in fact the 10 and 40 will likely touch this week, possibly tomorrow. What we need to see is a bit of movement up after touch and a cross. If there isn't a cross, it could indicate BTC will test lower prices. If there is a cross we should be moving up, especially if we are in the lower band.
Keep watching the charts! 馃搱
Please note : this is opinion and should not be taken as financial advice.
