View Bitcoin's price volatility, as represented by the daily trading range, jumped to a 17-month high on Wednesday.
Bitcoin is witnessing a technical correction a day after printing the biggest one-day trading range since January 2018.
What's even more notable is that the magnitude of the daily price moves is reminiscent of the cryptocurrency market frenzy of January 2018.
The spread between the daily price high and low was $2,041 on Wednesday - the highest since Jan. 17, 2018.
BTC witnessed a trading range of $2,275 with prices printing a high and low of $11,678 and $9,402, respectively, according to data source CoinMarketCap.
The daily trading range has jumped above $2,000 for the first time in over 17 months.
The average daily trading range of $358 seen so far this quarter marks a 311-percent rise on the average daily range of $87 seen in Q1. Volatility, as represented by daily price range, has surged in the second quarter and may remain high in coming months, with experts predicting a parabolic rise to fresh record highs over $20,000.
Throughout the recent rally from $7,500 to $13,800, dips to or below the 50-hour MA ended up reversing the pullback with a move to fresh multi-month highs.
A drop below $11,247 may remain elusive if the price breaks higher from the falling channel, in which case a retest of $13,800 could be seen.
The bullish higher-lows and higher-highs structure is intact on both the daily and weekly charts.
Bitcoin Drops Below $12K After Biggest Daily Price Move Since January 2018
Publicado en Jun 27, 2019
by Coindesk | Publicado en Coinage
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