Bitcoin Ilowa Magawo Otsika Osakhazikika Kuyambira Pakati pa 2018 - Metrics Akuwulula Ndi SKEW

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Trading cryptocurrencies can be quite boring at times, especially when trading volumes becomes very low. Most of the time, lack of interest in trading is caused by insignificant price volatility which could position the market in either a squeeze or a consolidation mode.

Recently, Bitcoin trading has suffered a lot of volatility to the downside, especially the last few days declines that brought the price to a weekly low of $7100.  Bitcoin has managed to bounce off the mentioned price zones following the last 24-hours change in price, but the confluence resistance at $7300 has been preventing further increase. Currently, Bitcoin is floating at $7200 against the US Dollar.

Going back to April 2 surge in volatility that rallied BTC price from $4400 all the way to $13770 in June before plunging to $6500 on November 25. This period of volatility has recorded one of the most significant momenta in Bitcoin’s history.

Talking about the October 25 sudden increase, stirred by the Chinese government announcement on cryptocurrency and blockchain technology adoption into its financial system. The outcome of the news allows the primary cryptocurrency to record its highest daily volumes so far, spiking from $7300 to $10370 within three days – marking a historic day for Bitcoin.

Bitcoin is now facing a lot of resistance at the $7300 – $7400 zones since the price recently recovers from $7000. Meanwhile, trading volatility has been remarkably weak from the bull’s side. A recent tweet from SKEW shows that Bitcoin’s volatility is on the low side since mid-2018. More so, the chart reveals the metrics of consecutive days with Bitcoin moving less than 5%:

Bitcoin has entered a low volatility regime since mid 2018 pic.twitter.com/OIBDFDqG6V

— skew (@skewdotcom) December 13, 2019

Analyzing the above chart, Bitcoin’s price is more likely to increase massively in the next coming months as this time could be another opportunity for traders and investors to bag more coins or fractions for future gain.

In my own opinion, if Bitcoin shows weakness this time around, the price could dump at $5000 which might serve as key support to April 2 breakout zone on the weekly chart before rising. But if the $7000 can hold well, we should see a major correction to $8400 within a short period. We should expect either of these moves soon.