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Bitcoin volatility close to record high, Is It time for Short?

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Bitcoin's volatility was about to record record values ​​after the $16,000 price dropped and stayed well above the level. The strongest and largest cryptocurrency in the world rose nearly 70% since the beginning of the month, reflecting expectations that Bitcoin futures that will start trading on Dec. 10 will result in increased demand. Looking at the price chart, the only thing we can see is the result of the Bitcoin euphoria, strongly reminiscent of the biggest balloon in history - the Balloon of the Tulips, from 1632.

However, if we look at the Bitcoin volatility index, we will see that it has not yet reached the peak after which we usually see a correction. However, the high level of volatility suggests that the fight between bulls and bears is rising close to current levels, and it is very likely that the price will hold about $17,000, from where we can expect a 50% drop in the last upward wave.

Source: Bloomberg Pro Terminal

Jr Trader Petar Milanov


 Varchev Traders

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