BTC diamond reversal and expected volatility
BTC has formed a diamond reversal pattern at the bottom of the range after forming a 4H bullish diversion on the RSI at support. The likelihood of touching the range high is good. There is a twist in the ichimoku cloud which can facilitate the upward trend.
BVOL24 is being squeezed and is expected to break out within the next couple of weeks which will lend to a very big move but whose direction is unknown at the moment. I remain midterm bearish, however I don't discount trend reversing to bullish and keep my eyes on indicators, I have shown why the market might rally briefly then dump in the idea below.
As long as BTC.d keeps going down we should expect ALTs to make moves upward as long as BTC doesn't puke. The market situation makes BTC less exciting to trade, compared to luna, crv, ftm and many others Alts.
BVOL24 is being squeezed and is expected to break out within the next couple of weeks which will lend to a very big move but whose direction is unknown at the moment. I remain midterm bearish, however I don't discount trend reversing to bullish and keep my eyes on indicators, I have shown why the market might rally briefly then dump in the idea below.
As long as BTC.d keeps going down we should expect ALTs to make moves upward as long as BTC doesn't puke. The market situation makes BTC less exciting to trade, compared to luna, crv, ftm and many others Alts.
Comment:
Market more bearish than I wished. BVOL broke out and the move was down.
