Crypto Youtuber, Crypto Rover, shared an image of BTC/US Dollar where BTC was consolidating with every rise which was followed by a fall. Referring to this cyclic behavior, Rover tweeted, “will the BTC trend continue?”
As shown in the chart below, every rise was followed by a consolidation phase which was then followed by a fall. When we pay attention to the increase in price on the two scenarios in the chart, it could be noted that both increases have approximately the exact value of around 15.92%. So could there be another 15+% increase for BTC in the near future? this is a question that begs for an answer.
Given that there is a 15+% rise for BTC, the coin could cross above the $25K mark with the next surge. This could be a rev-up of the confidence for the buyers and long-position traders.
BTC/USDT 1-Day Trading Chart (Source: TradingView)
Although it can’t be pinpointed whether there is going to be a rise, one thing we could take to the bank is the fact that there is going to be more volatility. This thesis could be supplemented by the widening Bollinger bands. Moreover, as BTC is fluctuating close to the median line it could fluctuate either way.
As such, traders should keep a watchful eye to seize on the opportunity. Given that BTC is going to rise, the current consolidation phase will present an entry point for buyers.
BTC/USDT 1-Day Trading Chart (Source: TradingView)
The RSI in the chart above is at 51 which indicates that it’s neutral, neither overbought nor oversold. However, the BearBullPower indicator is at 77 and is tilting up, hence the bulls may have the upper hand in the future.
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The post BTC Follows Cyclic Pattern, Will the Trend Continue?: Crypto Rover appeared first on Coin Edition.
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Source: Cryptocurrency - investing.com
