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Bitcoin Bandwidth: The Biggest Move Of 2021 Is Near

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
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Bitcoin price is still consolidating below the asset’s current all-time high of $61,800 per coin. The leading cryptocurrency by market cap, however, could be about to make another enormous move.

According to Bollinger Band Width, volatility is about to erupt. In the past, its resulted in substantial moves to the upside. However, these moves have been decreasing in size, increasing the odds for a reversal instead. Here’s a closer look at what the Bollinger Bands technical analysis indicator says about the current price action and what could result once the tranquility breaks.

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Bollinger Band Width Warns Of Massive Bitcoin Move, But Which Direction?

Bitcoin price is trading at price right around $60,000, unable to push higher while its altcoin brethren begin to rise past previous 2021 highs. The powerfully trending cryptocurrency has more than doubled in 2021 so far, only one full quarter into the year.

Another enormous move could be coming, however, and one that should have a similar strength as the initial breakout beyond $20,000. That rally, saw an over 134% increase before things turned down, but was followed by not one, but two more bullish impulses.

RELATED READING | TECHNICAL SIGNAL SUGGESTS GOLD IS READY FOR REVENGE AGAINST BITCOIN

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Impulse number two was less powerful, but still added more than 88% to the price per coin. The third impulse after a retrace, was even smaller at around 35%.  Between each impulse was a narrowing of the Bollinger Bands, also called a “squeeze.” When things tighten so much, energy is released and volatility picks up. The bands widen as a result.

The Bollinger Bands are now at the tightest they’ve been since $20,000 was taken. A clearer look at how close Bitcoin is to a similar “squeeze” is even more obvious in the Bollinger Band Width indicator at the bottom of the below chart.

bollinger bandwidth bitcoin

A squeeze in the Bollinger Bands to the tightest since $20K could lead to a huge move | Source: BTCUSD on TradingView.com

What Else Do The Bollinger Bands Technical Indicator Say About The Bull Run?

The Bollinger Bands are used to measure volatility as well as a number of other functions. It can spot trend reversals, when trends are strengthening, find support and resistance, and much more. Most trading takes place within the bands, however, when Bitcoin breaks out and closes above it with volume, the cryptocurrency “Rides the Bands” higher.

RELATED READING | BITCOIN WEEKLY MOMENTUM INDICATOR FLIPS BEARISH FOR FIRST TIME SINCE 2020

There are several other strategies related to the tool. Recently, the indicator’s creator, technical legend John Bollinger, warned that the tool might be signaling that Bitcoin was forming a topping pattern called “Three Pushes to a High.”

bitcoin bollinger band three pushes to a high

Could the top cryptocurrency be forming a "Three Pushes to a High" pattern? | Source: BTCUSD on TradingView.com

The potential reversal pattern is classified as having three distinct peaks, both in price action and the %B indicator. Bollinger Band Width also decreases as the trend weakens. Finally, not pictured, the BBTrend tool should turn down for confirmation.

Bollinger, who regularly gives the community a heads up on when “it’s time to pay attention,” says that crypto investors might need to prepare for the potential of a short-term top. It is once again, it seems, time to pay attention.

Featured image from Pixabay, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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