Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

BTC Follows Cyclic Pattern, Will the Trend Continue?: Crypto Rover

Published 03/02/2023, 07:35 AM
Updated 03/02/2023, 08:00 AM
© Reuters BTC Follows Cyclic Pattern, Will the Trend Continue?: Crypto Rover

  • Crypto Youtuber shared an image of BTC’s cyclic pattern–Rise, Consolidation, and Fall.
  • If there’s a 15+% rise for BTC, it could surge past the 25K level.
  • Traders should watch as a heightened level of volatility appears on the horizon.

Crypto Youtuber, Crypto Rover, shared an image of BTC/US Dollar where BTC was consolidating with every rise which was followed by a fall. Referring to this cyclic behavior, Rover tweeted, “will the BTC trend continue?”

As shown in the chart below, every rise was followed by a consolidation phase which was then followed by a fall. When we pay attention to the increase in price on the two scenarios in the chart, it could be noted that both increases have approximately the exact value of around 15.92%. So could there be another 15+% increase for BTC in the near future? this is a question that begs for an answer.

Given that there is a 15+% rise for BTC, the coin could cross above the $25K mark with the next surge. This could be a rev-up of the confidence for the buyers and long-position traders.

BTC/USDT 1-Day Trading Chart (Source: TradingView)

Although it can’t be pinpointed whether there is going to be a rise, one thing we could take to the bank is the fact that there is going to be more volatility. This thesis could be supplemented by the widening Bollinger bands. Moreover, as BTC is fluctuating close to the median line it could fluctuate either way.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

As such, traders should keep a watchful eye to seize on the opportunity. Given that BTC is going to rise, the current consolidation phase will present an entry point for buyers.

BTC/USDT 1-Day Trading Chart (Source: TradingView)

The RSI in the chart above is at 51 which indicates that it’s neutral, neither overbought nor oversold. However, the BearBullPower indicator is at 77 and is tilting up, hence the bulls may have the upper hand in the future.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post BTC Follows Cyclic Pattern, Will the Trend Continue?: Crypto Rover appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.