{"id":396055,"date":"2019-09-15T21:30:49","date_gmt":"2019-09-15T21:30:49","guid":{"rendered":"https:\/\/wncen.com\/?p=396055"},"modified":"2024-06-11T07:52:37","modified_gmt":"2024-06-11T07:52:37","slug":"key-technical-indicator-signals-bitcoin-is-gearing-up-for-a-big-move","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/key-technical-indicator-signals-bitcoin-is-gearing-up-for-a-big-move\/","title":{"rendered":"Key Technical Indicator Signals Bitcoin is Gearing Up for a Big Move"},"content":{"rendered":"
After inching higher yesterday, Bitcoin faced a somewhat strong rejection at just above $10,400, which has brought the cryptocurrency down towards its next key support level at $10,000. A failure for bulls to hold this level could mark a short-term trend shift that sends BTC significantly lower.<\/p>\n
It is now important to note that one key technical indicator is pointing to the possibility that Bitcoin is gearing up for a massive movement, which means that the direction it will trend for the last several months of 2019 could soon grow increasingly clear.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nominally at its current price<\/a> of $10,330, which marks a slight drop from its 24-hour highs of nearly $10,500.<\/p>\n Bitcoin\u2019s rejection at this price level signals an underlying weakness for the crypto\u2019s bulls, as they were not able to advance the crypto\u2019s price to its heaviest near-term resistance level at $10,800.<\/p>\n Chonis Trading, a popular crypto analyst on Twitter, explained in a recent tweet that one indicator is pointing to the possibility that a massive movement is imminent.<\/p>\n \u201c$BTC – (volatility index) entering the zone where Massive #bitcoin Price Moves are born,\u201d he explained while pointing to the below indicator.<\/p><\/blockquote>\n $BTC<\/a> – (volatility index) entering the zone where Massive #bitcoin<\/a> Price Moves are born… pic.twitter.com\/AIbr4zOWdn<\/a><\/p>\n — BIG Chonis (@BigChonis) September 15, 2019<\/a><\/p><\/blockquote>\n\n