Technicals Lean Bullish as Massive Bitcoin Price Move Brews

Bitcoin (BTC) is about to see a massive bout of volatility, according to a long-term technical indicator. Sure, the leading cryptocurrency spiked by 42% two weeks back, surging from $7,300 to $10,500 seemingly on the news that China’s President was calling for the formal adoption of blockchain technologies. But, something bigger is purportedly brewing.

Related Reading: Despite Price Surge to $9,000, Bitcoin Not Bullish Yet: Analyst Bitcoin Volatility on Its Way

According to a recent analysis of the one-week BTC chart by trader Mr. Anderson, a massive Bitcoin move is brewing. He noted that while it’s easy to get caught up in the “flashes of volatility” on lower time frames, a key indicator signals an even larger, extended move for the cryptocurrency market.

The indicator in question is the one-week Bollinger Band Width (BBW) indicator — an indicator that shows the width between the highest and lowest Bollinger Bands, which itself is a tool used to determine ranges.

Right now, the indicator has reached 0.42, or really long-term volatility. The last time this indicator interacted with this BBW range was in late-March — just a week before Bitcoin shot from $4,000 to $5,000 in the shocking move that kicked off