Aug 27, 2020 12:25 UTC
Aug 27, 2020 at 12:25 UTC
The Reason Why This Historically Precise Analyst Ponders Bitcoin Is In No Man’s Land
- Bitcoin has flat-lined amid 11,000 dollars over the previous days.
- Several say that this establishment is bullish as BTC relics above the $10,500 support.
- A factually accurate analyst ponders that Bitcoin may technically be in no man’s land.
- He shared two scenarios, one bullish & one bearish, & distinguished that neither has been established.
The Analyst Says Bitcoin Possibly Will Be In No Man’s Land For Now
At the March capitulation lows, there stood limited optimists in the Bitcoin market. Most demanded that the cryptocurrency market was poised to trend to new macro lows due to the poor state of the economy. One trader, though, prophesied that Bitcoin would slingshot back to $10,000 by May or June. He was recognized correct when the asset did just that in the time frame he distinguished. This similar trader now thinks that in the short-term, Bitcoin’s in no man’s land. He shared the chart seen lower & another, perceiving that neither the bull nor bear case he has recognized has been confirmed:
“The bull & bear scenario for $BTC. Neither has confirmed yet for me not taking any extra exposure to either side for now, neither am I reducing any exposure. Sitting on my hands.
” He is indeterminate about the directionality of BTC due to factors like the CME & the fact that Bitcoin just broke below the triangle support. It could effortlessly reclaim the support, then move higher, or reject the triangle & move lower. As the trader wrote more lately, “what happens next is crucial for my bias.“
VOLATILITY IS APPROACHING
Even though analysts are divided over which way Bitcoin will move, many think that volatility is nearing. Analyst Josh Olszewicz observed that Bitcoin’s one-day Bollinger Bands have been reaching low levels. This specifies that this market will shortly see a spike in volatility, which is what the Bands indicated heading into the end of July. There is also indecision around Jerome Powell’s upcoming speech today that will dictate monetary policy moving forward. The speech by the Federal Reserve Chairman is anticipated to have a resounding effect on global markets, especially currency markets; as Bitcoin’s value action has been contrariwise correlated with the dollar, the speech is likely to cause volatility. In seeing this volatility, Bitcoin may confirm one of the cases, either bull or bear, that the analyst, as mentioned earlier, laid out.