Bitcoin Takes Another Stab at 200-day SMA as Volatility Squeezes
Bitcoin is known for volatility, but its trading range has narrowed considerably in recent months. That can indicate a change in character as buyers and sellers reach an equilibrium. It also fits into the apparently bullish structure of BTC since December, as cited in earlier ideas.
The interesting thing about today's behavior is that BTC's Average True Range (ATR%) and Bollinger Bandwidth are squeezing at exactly the same time its price challenges the 200-day simple moving average (SMA). The psychologically important $9,000 level just happens to be at the same area.
BTC tested this zone and failed barely a week ago. Now it's back to make another attempt at a breakout. If it succeeds, those volatility indicators could widen and price appreciation could accelerate.
Everyone's focused on coronavirus, but a BTC breakout could be an under-the-radar story this week.
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