Will the Market’s Next Big Move Depend on Crypto Bollinger Band’s Crash?
Every market has indicators on the progress and expected trends and technical indicators are suggesting that another big move on the crypto market is underway. However, the direction of this move is a curiosity for everyone. These suggestions are occurring since the Bitcoin market has not experienced any major move over the past days or so.
A slump that has been happening throughout the week resulted in the coin declining 6% to bottom out at $7,100 on Thursday. Since then, the coin has started making a very slow uptrend to $7,250. It currently trades at the lower region of its three week sideways channel.
Mr. Bollinger pointed out that, most coins are at, or near Bollinger Band Squeeze levels. The other BTC metrics are bearish. The fear and greed index has slipped over to extreme fear, with a rating of 27 at press time.
Bitcoin has failed to break the several tests of resistance during the past week, giving the bears an upper hand. The six-month downtrend has not been broken since then. And it’s even possible that BTC will be trading in the $6,000 price range, in this festive season.
Volumes and volatility have been declining for most of the altcoins, even including Ethereum. ETH has wiped out all the gains it made this year, as the coin returns to its January prices. The growing DeFi market, the prospect of staking, and the recent Istanbul hard fork should make 2020 a better year for Ethereum.
Most of the other altcoins have not made any significant price move since yesterday. Only Tron has made a 5% pump on the day. BTT, Zcash, and BAT are also in greens with BTT making a 14% gain within the last 24 hours. VeChain is facing a massive dump of over 10% now, following its recent wallet hack news.