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Home Technical analysis BTC

Bitcoin Intraday Volatility Explodes, But Historically Is Only Just Getting Started

Tony Spilotro by Tony Spilotro
4 months ago
in BTC
Reading Time: 3min read
bitcoin explosive volatility bollinger bands

Big bomb of money hundred dollar bills with a burning wick. Little time before the explosion. The concept of financial crisis

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Bitcoin price is now once again trading around $20,000 and with it has brought about a surge in intraday volatility that the cryptocurrency market has yet to experience.

However, according to a volatility measuring tool, this trend is only just beginning and will result in an explosive ride to the next bull market peak. Here’s why it is “time to pay attention.”

Legendary Analyst John Bollinger Calls Top In Bitcoin… For Now

The leading cryptocurrency by market cap trading back around $20,000 has changed the game for crypto traders and investors significantly. Bitcoin is clearly in a bull market now, but even those experience strong corrections.

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Related Reading | Bitcoin Mathematics: Why 21 Million BTC May Have Been Chosen

The November monthly close was a $6,000 full-bodied candle, marking the largest in the asset’s short history. The massive monthly close, however, is a sign of what’s to come. $6,000 moves per month will become the norm, which translates to equally sizable moves on shorter timeframes.

bitcoin bollinger bands volatility

Intraday volatility is picking up significantly on all timeframes  | Source: BTCUSD on TradingView.com

A perfect example arrived yesterday when Bitcoin was initially rejected from immediately below $20,000. The selloff caused a 10% and $1,800 drop within an hour, then not even three hours later surged $1,500 and over 7%.

The pattern produced, however, could be a “classic top setup” according to the creator of the Bollinger Bands himself.

OK, time to pay attention, $BTCUSD. That is a classic top setup. No confirmation yet and the setup could easily be overrun, but wise traders should wash their glasses.https://t.co/RKgTJje5IU

— John Bollinger (@bbands) November 30, 2020

Technical Indicator Creator’s Side Tool Says Volatility Is Yet To Come

This week has been wild in crypto markets. The leading cryptocurrency by market cap set a new price record, beating the 2017 high.

But rather than prompting immediate FOMO, it has caused the legendary creator of the Bollinger Bands, John Bollinger, to issue a warning about a potential “classic top setup” forming in Bitcoin.

bitcoin explosive volatility bollinger bands

The monthly Bollinger Bands and BB Width could shed light on where Bitcoin is in this market cycle | Source: BTCUSD on TradingView.com

But there was more to the story in terms of the chart Bollinger shared along with his warning to “pay attention.” In addition to his traditional Bollinger Bands indicator, he also included BB Width, which measures volatility and a tool called B% which shows where price action is in relation to the upper or lower bands.

Related Reading | The Dollar Losing A Decade Long Trendline Could Send Bitcoin Skyrocketing

Reproducing the legend’s chart sheds some light on where Bitcoin could be at during the currency bull cycle. Bollinger Band Width is only just now picking back up, after reaching historically low levels for the speculative asset.

As BTC becomes adopted, volatility is expected to diminish over time, however, peaks and troughs are still anticipated for years to come. Given how early it is for Bitcoin as an asset on a global scale, and BB Width only just now rising, volatility is about to bring shock and awe to crypto like never before.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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