A legendary long term bitcoin price technical indicator could pave the way for brighter days ahead next year.
Bitcoin Price Poised For Big Move
The short term picture for BTC is pretty grim. Since its peak this year the digital asset has corrected 47% to current prices. A few hours ago bitcoin price dipped again to $7,150 and appears to be heading back down that way towards $7k.
The six-month downtrend appears unbreakable at the moment and more pain appears to be looming before the year is out. A tightening of Bollinger Bands on the daily chart is indicative of a larger move soon.
A continuation of this sentiment will send bitcoin price into the $6k range within a month. Longer time frame charts show that BTC is clinging to support on the 50-week moving average but a move down to the 200 weeks MA would not be out of the question.
This currently sits at the $5k level and could provide bitcoin price with the platform for a bounce higher and the beginning of another bull run.
Zooming out even further to the logarithmic chart over…