Cryptocurrency

Bitcoin just before the $3,000-motion? Historical data indicate a large BTC price action

Bitcoin today has experienced intense volatility in the early Morning, as the price has risen to a High of 9.350$, before he was quickly rejected again.The Coin no. 1 then fell below its support at 9.200 $, however, buyers defend themselves against further setbacks.The volatility comes at the same time with the fast Approach of the weekly candle of the crypto-currency.One Analyst notes that this 300-Dollar movement may be only the prelude to a much larger movement.According to him, historical data suggest that Bitcoin will soon lie down for a movement of 30% in one direction or the other.This means that BTC can go up to almost $ 3,000 or fall.

The Bitcoin bulls are entered on the Plan and have this Morning trying to push the crypto-currency in the direction of 9.400$.

At this level, there was significant selling pressure that drove the price down.

It seems now that BTC is in a precarious position, as the bulls try to defend the support for the crypto-currency 9.200 $ – during the seller’s aim, apparently, their Range lows at $ 9,000.

One Analyst notes that this slight volatility in the coming weeks and months, probably a much larger movement will follow.

He explained: Historical data suggest that this movement will rise the Bitcoin of 30% or more or a drop. This means that BTC could be at $6.500 or $12.200 traded.

Bitcoin: Extreme volatility after the rejection at $9.350?

Early in the Morning, the Bitcoin price has increased and the Trading Range between 9,000 and 9,300 $ broke out.

The movement about the upper limit of this range was, however, only temporarily, as the seller and slowed the rise of BTC quickly, and the price of the Cryptocurrency in the direction of 9,100 $ down.

The buyers are now trying diligently to hold BTC in order to 9.200$, since this was in the last days of a critical support level.

This volatility has made what is described by traders happy as a “Darth Maul”candle named after the homonymous fictional Star Wars character with the red double-sided saber.

The current view of Bitcoin after this movement, remains just as unclear as before the volatility.

Data show that BTC has to expect extreme volatility

This relentless consolidation within the Region of the lower USD 9,000 is no longer active, perhaps too long.

Josh Rager – a respected crypto-currency analyst and Trader – believes that such a low volatility as experienced by Bitcoin currently, typically the movements to follow in the order of 30% to 60%.

Under the assumption that a movement of 30% is more likely, he notes: BTC may soon be either in $12.200, or $6.500 traded.

“Bitcoin historical volatility (HV) is approaching 40. Such a low BTC volatility has in the past led to large price movements between 30% and 60% in the following weeks. From the current price: 30% movement to the top is 12.200 $. A movement of 30% down at USD $ 6,500. Put on your safety belt.“

Image courtesy of Josh Rager. Chart on trading view.

How Bitcoin reacts in the end on the upper and lower limits of its Trading Range, could provide information about the direction in which the crypto-currency will ultimately develop.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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