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BTC/USD Technical Analysis: Bollinger Bands highlight the volatility trap

  • Bitcoin has fallen into a tight range over the past few sessions.
  • The Bollinger Bands have contracted to tight levels.
BTC/USD Technical Analysis: Bollinger Bands highlight the volatility trap
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD 30-Minute Chart

Over the last two days, the price of BTC/USD has consolidated into a very tight range between 7,161.94 and 7,469.60

The Bollinger Band overlay is showing that there is a serious contraction by the good news is that normally means there is a breakout on the way.

I have marked the last times that the market contracted in such a manner and there normally is some kind of reaction.

It must be said we do not have crystal balls and cannot predict the future but statistically, there is a case to be made.

Away from the Bollinger Band indicator, the break direction of the consolidation pattern will be important.

Bitcoin Analysis

Additional Levels

BTC/USD

Overview
Today last price7296.17
Today Daily Change-9.94
Today Daily Change %-0.14
Today daily open7306.11
 
Trends
Daily SMA207798.19
Daily SMA508298.91
Daily SMA1008910.37
Daily SMA2009391.47
 
Levels
Previous Daily High7427.74
Previous Daily Low7161.94
Previous Weekly High7868.08
Previous Weekly Low6526.82
Previous Monthly High9580.19
Previous Monthly Low6526.82
Daily Fibonacci 38.2%7263.48
Daily Fibonacci 61.8%7326.21
Daily Pivot Point S17169.45
Daily Pivot Point S27032.8
Daily Pivot Point S36903.66
Daily Pivot Point R17435.25
Daily Pivot Point R27564.4
Daily Pivot Point R37701.05

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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