3 Key Indicators Suggest Bitcoin Price Is Ready for a Massive Move

Let's take a comprehensive view of Bitcon price action to gain clarity on the bullish and bearish scenario with special focus on three indicators: Crypto Fear & Greed Index, the Bitcoin Golden Ratio Multiplier and Bollinger Bands.

Why isn't Bitcoin price exploding as the digital asset was supposed to function as a store-of-value hedge against market volatility?

That's not enough to allay the worries of those who might have purchased Bitcoin from $12,900 to $11,500, especially if there's a possibility that Bitcoin could enter a prolonged accumulation phase that will last until Q1 of 2020.Crypto Fear and Greed Index at record lows.

This usually happens before Bitcoin price makes a sharp move.

Currently, Bitcoin is pinned beneath the green and red averages with red representing a "Low bull" phase and green standing for "Accumulation." Given that BTC is trading near $10,200 and riding along the green line at the time of writing, the indicator suggests that Bitcoin is still in an accumulation phase.

At the moment Bitcoin trades within a massive pennant extending from the June 26, 2019-high at $13,800 until the current price near $10,000.

Bitcoin price neatly consolidates within the symmetrical triangle and if one takes time to zoom in on the 4-hour and 1-hr time frame, they will find breakouts and breakdowns have been the result of smaller bull pennants and bearish ascending wedges.

A bullish scenario could see Bitcoin price drop to lower triangle arm, which is closely aligned with the lower arm of the Bollinger band indicator at $9,500.

An oversold bounce and purchasing volume from this point could see Bitcoin begin its journey back to the 20-MA of the BB and an encouraging move above this point would see Bitcoin set a daily higher high at $11,400 which is close to the upper arm of the BB indicator.

A bearish move would see Bitcoin price drop from the pennant, below the lower BB arm.