BTC Follows Cyclical Pattern, Will Trend Continue?: Crypto Rover By CoinEdition

by Arthur · March 2, 2023

Crypto Youtuber shared a picture of BTC’s cyclical pattern – Rise, Consolidation and Fall.
If there is a 15+% increase for BTC, it could rise past the 25K level.
Traders should watch when an increased level of volatility appears on the horizon.

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

As shown in the chart below, each rise was followed by a consolidation phase which was then followed by a fall. When we consider the price increase of the two scenarios in the chart, it can 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+% increase for BTC, the coin could cross over the $25K mark with the next increase. This could be a rev-up of confidence for buyers and long position traders.

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

While it cannot be determined whether there will be an increase, one thing we can take to the bank is the fact that there will be more volatility. This task can be supplemented with the extended Bollinger bands. Also, since BTC swings close to the median line, it can swing either way.

As such, traders should keep a watchful eye to seize 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, indicating that it is neutral, neither overbought nor oversold. However, the BearBullPower indicator is at 77 and tipping up, so the bulls may have the upper hand going forward.

Disclaimer: The views and opinions, as well as all 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 his own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post BTC follows cyclical pattern, will the trend continue?: Crypto Rover appeared first on Coin Edition.

See the original at CoinEdition