Volatile Bitcoin Always Full of Surprises
The past few hours have been filled with crazy whipsaw volatility for the Bitcoin price — I even had to trash an earlier draft of this article thanks to today’s wild price fluctuations.
Which way is it headed next?
Covered:
- The Ups and Downs
- Where Do We Go From Here?
Volatile Bitcoin: The Ups and Downs
Bitcoin just barely managed to hold above crucial support before the close of yesterday’s weekly candle. Then, almost immediately, a sell-off ensued.
That sell-off managed to push the price into the $56k USD range. Mere moments ago, I was staring at a big red daily candle pushing to a new low of the day.
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Then, suddenly and without warning, the price shot up back above $59,000 before coming down slightly. We are now back above our crucial support at $58,367. For now.
Volatile Bitcoin: Where Do We Go From Here?
The best thing to do right now is zoom out.
It’s very easy to get caught up in the wild swings on the hourly or even the four-hourly chart. In yesterday’s analysis, we looked at the bullish “Falling Wedge Pattern” that has formed on the daily chart. That pattern has not yet been broken. So, for now anyway, the probability remains in favor of a break to the upside.
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That being said, do not be surprised if you see the Bitcoin price come down to test the bottom trendline of the Falling Wedge once again. Equally so, do not be surprised if you see it move up to test the upper trend line either.
Remember to stay calm, and most important of all, patient. During volatile times like this, it’s wise to wait for a pattern to break one way or another. And if you’re trading, make sure to have your stop losses in place. When it moves, it will move fast.
Find yesterday’s analysis here: https://cryptosrus.com/bullish-pattern-emerges-on-the-bitcoin-daily-chart/
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Text source: CryptosRus
