Volatility Indicator Shows Bitcoin Rally Is Behind The Corner

Volatility indicator in the altcoin analysis shows that a strong bitcoin rally is behind the corner. Bitcoin was relatively quiet since it reached a high of $13,880 on June 26 as we mentioned in the altcoin news previously.

From that point on, the market was on a steady pullback with some short-lived rallies. The experienced traders saw that there were no big moves and the trend was simply going sideways. The choppy market is not really exciting for the day traders since there are no wild swings that can bring profit. It is also a very boring situation for traders and trend followers because they have to wait longer for the trend to resume. By looking at the charts it seems that the days of dull trading are coming to an end. Bitcoin is ready to make a huge comeback since it is leaning towards the side of the bulls.

The bitcoin volatility indicator or the Historical Volatility Index has been on a downtrend road since it reached a high of 14.06 on June 26. That’s the very same day that Bitcoin reached its new 2019 high. Before the index spiked by 9.68 points in just one day, it consolidated at support of 2.00 for more than a month. During the same time, there were some upticks in volatility but nothing memorable.
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Currently, the volatility indicator is about to drop to 2.00 which is a level when Bitcoin usually makes a move. Most of the time, the volatility favors the bulls but there are some examples when the bears win and the index drops further. Whatever the case is, 2.00 is a level where we could expect a resumption in volatility.

By looking at the daily charts, there’s no doubt that bitcoin has been in an uptrend since February 2019. In addition to that, there are a few signals that predict a bullish breakout. The indicators show that the daily trending range is narrowing which affirms the assertation that surge in volatility is on the horizon. The narrowing trend coincides with the formation of a falling wedge so we can see the price is closing up to the apex of the wedge as we can see in the latest cryptocurrency news.