BTCUSD Longs - Buckle Up! Bollinger Band Squeeze to the Upside?!
For the time being, it appears that we have broken out of that lengthy descending (bearish) channel...with that massive short squeeze to the 10.2K region, which caught everyone by surprise (bears and bulls alike).
Since then, all of this seemingly "sideways movement" has actually been a slow but steady climb to form this ascending wedge pattern.
It has been relatively calm for the past 24 hours as we have progressively and almost effortlessly trended higher.
Notice the Bollinger Band Squeeze that appears to be in progress. This happens when there are periods of lower volatility and the Bollinger Bands significantly narrow.
This is usually followed by much higher volatility (hopefully to the upside) so buckle up!
MACD appears to be trending in the right direction.
Regrettably, I missed much of this recent move because of the overabundance of bearishness and calls for a drop here.
That said, the trend is undeniable, and it feels like we will soon break above this ascending wedge pattern (despite the slight retrace in the past 30 minutes).
Please note:
I am still a newbie when it comes to technical analysis. These charts are primarily for my own sanity to help rationalize my investments. This is absolutely not intended to be investment advice. Enjoy!
Since then, all of this seemingly "sideways movement" has actually been a slow but steady climb to form this ascending wedge pattern.
It has been relatively calm for the past 24 hours as we have progressively and almost effortlessly trended higher.
Notice the Bollinger Band Squeeze that appears to be in progress. This happens when there are periods of lower volatility and the Bollinger Bands significantly narrow.
This is usually followed by much higher volatility (hopefully to the upside) so buckle up!
MACD appears to be trending in the right direction.
Regrettably, I missed much of this recent move because of the overabundance of bearishness and calls for a drop here.
That said, the trend is undeniable, and it feels like we will soon break above this ascending wedge pattern (despite the slight retrace in the past 30 minutes).
Please note:
I am still a newbie when it comes to technical analysis. These charts are primarily for my own sanity to help rationalize my investments. This is absolutely not intended to be investment advice. Enjoy!