Bitcoin appears to be in a somewhat precarious position as some technical factors currently indicate that there will be a short-term but remarkable price movement soon. One of these indicators are the Bollinger bands, which have moved closer together than they have in over a year.
April 2019 was similar
The last time the bands came so close in early April 2019, the result was a 240% price increase. The previous time, in early November 2018, the price fell by more than half of its value at the time. Not much is missing right now so that the Bollinger Bands come back as close as they did with the last two paints (recognizable by the red bars in the yellow circle). The volume has been falling since mid-March and has now reached a similar level.
So a bigger price movement bitcoins seems imminent! The only question is: in which direction?
In July 19, Bitcoin was trading at $ 9,130. This was roughly the level at which it was traded last week. Although sales pressure in the region around $ 9,500 has proven to be significant, the bulls have continued to passionately defend themselves from falling below $ 9,000. As a result, the cryptocurrency consolidation zone has narrowed and Bitcoin is now oscillating between $ 9,100 and $ 9,300.