Bitcoin’s technical indicators point to a “big move” on the horizon

The cryptocurrency market is still reeling from the consequences of the collapse of FTX, once one of the largest crypto exchanges in the world. Still, some assets, such as Bitcoin (BTC), are making modest gains, and some indicators suggest these gains could intensify soon.

Indeed, considering the Bollinger Band Width Percentile (BBWP) indicator, which is at its lowest in over six years on the two-week chart for Bitcoin, the flagship digital asset could be preparing for a dramatic move upwards.

Specifically, in May 2016 – the last time this indicator showed similar lows as it is now, Bitcoin had gained around 80% in the following four weeks, the pseudonymous cryptoanalyst said. Mustache so on 28 November.

Technical indicators are piling up

Meanwhile, another technical analysis (TA) indicator suggests that a bounce could be in the cards for the maiden decentralized finance (DeFi) token, which explained by the eminent cryptanalyst Trader Tardigrade previously November 28.

This indicator is the Price Momentum Oscillator (PMO), usually based on a Rate of Change (ROC) calculation that is smoothed twice with exponential moving averages (MA) that use a custom smoothing process. It oscillates in relation to a zero line.

In Bitcoin’s case, Trader Tardigrade explained that the PMO is currently below zero, which, combined with being “in contact with the curved support”, could “trigger a bounce”, which, according to the expert’s chart, could happen sometime in 2023, towards 2024, possibly reaching a peak at around $24,000.

Earlier, the cycle channel oscillator (CCO) entered the bottom of the bear market and a perfect area to dollar cost average Bitcoin, which could lead to a bullish push, according to the analysis of crypto expert mags, reported by Finbold.

Bitcoin price analysis

As things stand, Bitcoin is changing hands at the price of $16,504, up 1.63% on the day, as well as 4.87% over the past seven days, although losses on the monthly chart amount to 20.57%, as charts show.

With a market capitalization of $317.01 billion, Bitcoin retains the position of the largest cryptocurrency on the market by this indicator, according to CoinMarketCap data retrieved by Finbold on November 29.

Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.