High bitcoin volatility is expected soon according to price analysts since, over the last 48 hours, the largest cryptocurrency managed to break the upside as the bulls attempted to regain control of the price so in today’s altcoin news we take a closer look at the price analysis.
On the 4 hour charts, we can see that the downtrend over the past nine days and it formed a descending trend that was broken to the upside in less than two days ago. Since then, the Bitcoin price levels reached $10,120 whilst the POC moves up to $10,560 around the current price which shows there is a good amount of support in the current market price. The 200EMA is running through the same channels and both moving averages are the closest they have even been to each other in more than a month. When both moving averages are close to each other after a high bitcoin volatility period, it’s a sign there will be more volatility in the future. This could be started with a massive move in any direction as the bullish trend is still present so Bitcoin will be holding above the key support at $8,000.
On the hourly charts we can see that the breakout price levels have been trading close to the points of control at $10,600 and the retest of the 50MA highlighted on the chart that shows a strong wick that is usually a sign that bulls are in control and the Bitcoin price levels will move up further during the intra-day trading session.
As the latest cryptocurrency news show, the 200EMA and 50MA are in a sandwich price action as it looks as the 4-hour analysis above which shows there is a strong sign of suppression that can be noticed on the short-headed candles with large wicks. This also means that the whales are fighting for the price levels to try and maintain the tight trading range in the short-term. In the further BTC upside in the coming days and weeks, the key resistance levels are looking to reach the $10,600 and $11,900 and even the $13,270.
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“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion.It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too.At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
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