Big Price Move For Bitcoin This Indicator ( Bullish Gartley )
A popular price-chart indicator known as the Bollinger bandwidth suggests bitcoin could soon chart a big move – up or down.
The leading cryptocurrency has spent the better part of the last three weeks trading in the range of $50,000 to $60,000. The consolidation has worsened of late, with bitcoin bulls unwilling to lead the price action above $60,000 and bears struggling to force a break below $55,000.
Due to the persistent lack of clear directional bias, the Bollinger bandwidth, a price volatility gauge, has declined to a four-month low of 0.15. Bitcoin ( BTC ) witnessed big moves during the 2017 bull run each time the bandwidth fell to 0.15.
The indicator is calculated by dividing the spread between the Bollinger bands by the 20-day average of the cryptocurrency’s price. Bollinger bands are volatility lines placed two standard deviations above and below the 20-day average of price.
As we can see we are in one of the important times of the BTC market, price rise and reach new All-time high again and again and so many analyses are about breaking previous ATH and more pumping all way to 67 Kor 70K and …
but for now, the market is creating a reversal pattern that is obvious and is double Top so we are looking for breaking neckline and conformation of breakout and after that expect a bearish market to our targets based on strong supports ahead or Fibonacci retracement levels.
for confirmation of breakout, we expect the neckline to break and break out on a strong green trendline on the chart
Else : market can easily provide a more bullish candle and even breaking resistance on 60K and maybe new ATH again
why the market has the power of rising now?
because price falls to our expected target on previous analysis and now this strong support (black rectangle ) that touched, should break before any more and upcoming fall.
Previous analysis :