PrimeXBT
Short

BTCUSD- End of consolidation(decision time)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Today 16th of September 2019 making it the 4th day of consolidating between $10385.49 down to $10227.94, price is yet to make a one way directional breakout.
On the 4hours time frame, to analyse the price chart of BTCUSD the use of Bolinger bands will be used to analyse the possible price breakout of move.
Bands are tight or what is called BB squeeze. The Bollinger Band Squeeze occurs when volatility falls to low levels and the Bollinger Bands narrow.
This indicates a periods of low volatility are often followed by periods of high volatility . Therefore, a volatility contraction or narrowing of the bands can foreshadow a significant advance or decline. Once the squeeze play is on, a subsequent band break signals the start of a new move. A new advance starts with a squeeze and subsequent break above the upper band. A new decline starts with a squeeze and subsequent break below the lower band.
There are two bands(upper band and lower band) and (by default) a 20-day SMA (the red MA inside). The two bands are the two standard deviations.
The upper and lower bands are then set two standard deviations above and below this moving average. The bands move away from the moving average when volatility expands and move towards the moving average when volatility contracts. More to this is the Band width with is right at 0.01, and traders should be read for price volatility .
More likely to move down than up as price is right below the 20-day SMA . Levels to keep an eye on are as follows:
Support 1- $10227.94
Support 2- $10158.88
Support 3- $10072.39
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Ideas published should not be referred to as an investment advice.
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