Bitcoin has bottomed despite ‘astonishing’ BTC price action — Analyst

Source: Material Indicators/XBTC rate methods “historic compression”Analyzing the absence of volatility on Bitcoin, the trading community reasoned that an equally powerful return to trend ought to result.Related: Bitcoin rate can go complete bull next month if 200-week trendline remains”Bitcoin approaching historical 3W compression levels above 20 MA. Tick tock,” popular trader TechDev forecasted, referencing the 20-period moving average on three-week timeframes.An accompanying chart revealed BTC rate behavior following comparable episodes in the past, these amounting to simply four since Bitcoins creation.”BTC/USD annotated chart.

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Bitcoin (BTC) more ground down volatility into Aug. 12 as “amazing” BTC rate action stayed in place.BTC/ USD 1-hour chart.” Expecting just another timeless weekend slice around the CME close price,” popular trader Daan Crypto Trades composed in part of his newest analysis, referencing the closing price of CME Bitcoin futures markets at $29,465. Tick tock,” popular trader TechDev anticipated, referencing the 20-period moving average on three-week timeframes.An accompanying chart revealed BTC cost behavior following comparable episodes in the past, these amounting to simply four considering that Bitcoins production.

Bitcoin (BTC) additional ground down volatility into Aug. 12 as “amazing” BTC cost action remained in place.BTC/ USD 1-hour chart. Source: TradingViewBitcoin: “Classic weekend slice” expectedData from Cointelegraph Markets Pro and TradingView followed a flat Bitcoin trading environment as the weekend began.After showing only muted responses to the weeks United States macroeconomic data prints, BTC/USD held firm near $29,500– a key battlefield between bulls and bears.” Expecting just another classic weekend chop around the CME close cost,” popular trader Daan Crypto Trades composed in part of his latest analysis, referencing the closing rate of CME Bitcoin futures markets at $29,465.