Bitcoin is reaching a critical state
Looking at the chart analysis, you can see a few things:
1. The Bollinger bands' upper and lower boundaries are squeezing, which likely means a big move is happening. If the price goes over the basis, it will most likely break upwards, while if the price continues being under the basis, then it will most likely break downwards.
2. The “Descending triangle” that has been forming since past month is coming to an end.
3. Bitcoin's volume has been decreasing ever since the descending triangle formed.
Due to these occurrences, Bitcoin is about to finally change its direction, and maybe end the sideways motion it had since August. This in turn will change the direction of the Crypto market.
This is not investing advice, and I will respect everybody's opinion. Feel free to say what you think about this study.
BTCUSD
1. The Bollinger bands' upper and lower boundaries are squeezing, which likely means a big move is happening. If the price goes over the basis, it will most likely break upwards, while if the price continues being under the basis, then it will most likely break downwards.
2. The “Descending triangle” that has been forming since past month is coming to an end.
3. Bitcoin's volume has been decreasing ever since the descending triangle formed.
Due to these occurrences, Bitcoin is about to finally change its direction, and maybe end the sideways motion it had since August. This in turn will change the direction of the Crypto market.
This is not investing advice, and I will respect everybody's opinion. Feel free to say what you think about this study.
BTCUSD
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