Crypto traders and observers anticipates a big move in $BTC as Bollinger Bands have tightened in the lead up to the U.S. CPI release. Reports godbole17.
A technical analysis indicator called Bollinger Bands, signaling a volatility explosion in bitcoin , has grabbed the attention of crypto traders and analysts ahead of the U.S. inflation report for June.
early Wednesday, adding that a similar tightening of bands was last seen in early January, just before bitcoin's bull revival.John BollingerBollinger bands are derived by placing volatility lines two standard deviations above and below the 20-day simple moving average of the asset price. The bands are driven by the degree of price turbulence, with the squeeze or tightening of the bands representing volatility contraction and the widening of bands representing volatility explosion.
The most common method of tracking the bandwidth is to divide the spread between the upper and lower bands with the 20-day SMA of prices. That said, the U.S. CPI data, scheduled for release on Wednesday at 12:30 UTC, will likely influence the Federal Reserve interest rate expectations and inject volatility into markets., the headline year-on-year CPI is likely to have cooled to 3.1% in June from May's 4.0%, with the core figure slowing to 5% from 5.3%.
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