{"id":5823,"date":"2020-12-06T18:44:05","date_gmt":"2020-12-06T18:44:05","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=451623"},"modified":"2020-12-06T18:44:05","modified_gmt":"2020-12-06T18:44:05","slug":"heres-why-bitcoin-is-on-the-cusp-of-seeing-massive-volatility","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/heres-why-bitcoin-is-on-the-cusp-of-seeing-massive-volatility\/","title":{"rendered":"Here\u2019s Why Bitcoin is on the Cusp of Seeing Massive Volatility"},"content":{"rendered":"

Bitcoin has been caught within a persistent bout of sideways trading throughout the past few days, with the selling pressure seen above $19,000 allowing bears to spark multiple strong selloffs throughout the past couple of weeks.<\/p>\n

These rejections have all resulted in the cryptocurrency forming a series of higher-lows, which is an incredibly bullish technical pattern that could indicate that serious upside is imminent if held over an extended period of time.<\/p>\n

This technical strength has certainly struck a blow to bears, but the selling pressure between $19,500 and $20,000 is still significant and may continue hampering its growth in the days and weeks ahead.<\/p>\n

The consolidation seen due to this recent battle between buyers and sellers may not last for too much longer.<\/p>\n

One trader is now noting that the crypto<\/a> is nearing the apex of a massive triangle formation that may give rise to it seeing some tremendous volatility in the near-term.<\/p>\n

These patterns typically result in bull-favoring breakouts, which could mean the next push higher will be swift and violent.<\/p>\n

Bitcoin Consolidates as Bulls Defend $19,000<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading down marginally at its current price of $19,160. This is around where it has been trading throughout the past few days.<\/p>\n

$19,000 has been a pivotal level for BTC, as breaks above and below this level seem to be trend-defining events.<\/p>\n

Where Bitcoin trends in the mid-term will likely depend on its continued reaction to $19,000, as a sustained bout of trading above or below this level could provide serious insights into its mid-term outlook.<\/p>\n

The key downside support to watch exists at roughly $18,600, with its next resistance level sitting at $19,400.<\/p>\n

Analyst Claims BTC is on the Brink of Seeing Massive Volatility<\/strong> <\/strong><\/h2>\n

One analyst explained in a recent tweet<\/a> that Bitcoin is on the brink of seeing some massive volatility in the days ahead.<\/p>\n

He is pointing to a triangle formation that has been shaping up following the cryptocurrency’s recent decline to lows of $16,400.<\/p>\n

\n

“When uncertain about the direction, I always switch to linear $BTC chart to filter out the market noise. The price essence shows clear consolidation which is contracting in the form of a triangle. Nearing the apex, today I’d expect big breakout and big volatility. Set stops fam,” he said while pointing to the below chart.<\/p>\n<\/blockquote>\n

\"Bitcoin\"<\/p>\n

Image Courtesy of CryptoBirb. Source: BTCUSD on TradingView<\/a>.<\/pre>\n
The coming few days should offer insights into the long-term importance of this forming triangle pattern on Bitcoin’s price action<\/a>.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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