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As the cryptocurrency markets enter the weekend, many investors expect Bitcoin (BTC) to experience heightened volatility due to relatively large price fluctuations over the past few weekends.
Although this volatility has been negative so far, a cryptocurrency badyst now expects Bitcoin to see a sharp rise in prices in the coming days, provided it can finish the weekend above. from € 3,480.
Bitcoin (BTC) generally sees increased volatility during weekends
At the time of writing this article, Bitcoin is trading down at its current price of $ 3,475. BTC has remained stable in the region of US $ 3,400 in recent days after falling below the previously established support level of around US $ 3,550.
Bitcoin weekend's typical volatility relative to its current price levels began on Saturday, Jan. 19, when BTC went from $ 3,650 to $ 3,750 before dropping back to $ 3,550. This decline has set a relative support of $ 3,550 for next week, until it finally goes below this level on Sunday, Jan. 27, and then dropped to $ 3,400.
Although support has been maintained at $ 3,400 in recent days, many badysts have previously speculated that Bitcoin would not benefit from any significant support from purchases until it reviews its plans. low of 2018 which are fixed at about $ 3,200.
Bitcoin has experienced increased volatility over the last few weekends.
Analyst says Bitcoin could rise in the next few days
In a recent tweet from Mitoshi Kaku, a popular cryptocurrency badyst on Twitter, he explained that Bitcoin could experience a bullish price move in the coming days, based on data from Gann's price cycle.
"We have just completed a more in-depth badysis of the BTC. I decided to move my long positions around $ 3,370 and a bullish exit around February 3 / 4th. (Gann Time Cycle) – It's time things turn around! "
Just finished a deeper $ BTC badysis. I decided to move my long positions around $ 3,370 and a bullish exit around February 3 / 4th. (Gann Time Cycle) – It's time things turn out! ? pic.twitter.com/7H55PxYtRG
– Mitoshi Kaku ??? (@CryptoSays) February 1, 2019
He later indicated that he wanted to see the price of the BTC rise to $ 3,380 for the aforementioned bullish price movement to remain at stake, but he is also considering creating new long positions around $ 3,280. if BTC drops again.
"Partially closed my long here, for the rest I'd like something around 3480 // The weekend getaway is here, so I'll probably fill the lows down in the next few days, watching 3280. The long order SL is also set if the price exceeds the HTF Resistance, "he explained.
Closed my long partly partly here, for the rest I'd like something around 3480 // The weekend getaway is here, so I'll probably fill the lows down in the next few days, in Looking at 3280. SL Long Order Fixed also if price exceeds HTF Resistance. $ BTC pic.twitter.com/3DlWK2cGfM
– Mitoshi Kaku ??? (@CryptoSays) February 2, 2019
The way BTC will negotiate over this weekend will likely set the tone for the coming week, but it's highly likely that a break under its support level around $ 3,400 will bring it back on its lowest levels of 2018.
Featured images of Shutterstock.
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