Volatility back in bitcoin ahead of key weekend trading session
$btcusd sell-off sees lost price support on steep channel today and just off fresh session lows of $4139.90 this Friday
This weekend's session will see prices encounter converging trendlines which may introduce market sentiment uncertainty resulting in high volume/volatility causing strong reversals or continuation over the next 48-72hrs as these medium and short term trend lines are on track to converge (as seen in attached chart)
Traders and market makers may be building synthetic straddle positions to play/hedge against volatility. Consequently, this weekend's trading session will be pivotal for bitcoin's short term price trajectory relative to the US $Dollar.
-Steven Hatzakis
@shatzakis
This weekend's session will see prices encounter converging trendlines which may introduce market sentiment uncertainty resulting in high volume/volatility causing strong reversals or continuation over the next 48-72hrs as these medium and short term trend lines are on track to converge (as seen in attached chart)
Traders and market makers may be building synthetic straddle positions to play/hedge against volatility. Consequently, this weekend's trading session will be pivotal for bitcoin's short term price trajectory relative to the US $Dollar.
-Steven Hatzakis
@shatzakis