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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

These 3 Trends Show Bitcoin Is Primed to See a Strong Breakout

Nick Chong
Nick Chong
1 year ago
3 mins read
Bitcoin price

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Created by industry experts and meticulously reviewed
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Bitcoin is expected to soon see a strong breakout as the price action of the cryptocurrency tightens after the news that the U.S. CFTC is charging BitMEX.

Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch

Bitcoin Primed to Break Out, Technical Trends Show

Bitcoin’s price action has undergone extreme tightening over the past few days as the markets have become extremely indecisive. Three technical trends indicate that the cryptocurrency is primed to undergo a strong breakout, a crypto trader said. They are as follows:

  • Bitcoin is in a symmetrical triangle formation, and it has reached the apex of the triangle. This suggests that it will soon see a strong breakout.
  • Bitcoin’s market volume is declining, suggesting a breakout will happen soon.
  • The width of the one-hour Bollinger Bands is getting tighter.

Image

Chart of BTC's price action over the past few days with an analysis by crypto trader CryptoHamster (@CryptoHamsterIO on Twitter). Chart from TradingView.com
Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward

Expect Upside, Analysts Say

Analysts are optimistic despite negative news that could push Bitcoin lower than it is now. Simon Dedic, a co-founder of crypto research firm Blockfyre, recently stated:

“Once you understand media is nothing but a powerful market manipulator, you can start countertrading it. Non-reflecting people panic dump with fear radiating news, smart people make bank on it. Buying every dip of $BTC & $ETH, FA hasn’t changed. What type of person are you?” 

This was echoed by Willy Woo, a prominent Bitcoin analyst known for tracking on-chain trends.

Woo has recently asserted that BTC is primed to pop higher, even in the face of the aforementioned news events. A reason why he is so optimistic about Bitcoin is that there has been a spike in coins that have changed hands, which often takes place when BTC is at a medium-term turning point.

For instance, prior to the surge in July, a spike of coins changed hands, driving Bitcoin higher.

Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase
Featured image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
These 3 Trends Show Bitcoin Is Primed to See a Strong Breakout
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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