- Bitcoin has fallen into a tight range over the past few sessions.
- The Bollinger Bands have contracted to tight levels.
BTC/USD 30-Minute Chart
Over the last two days, the price of BTC/USD has consolidated into a very tight range between 7,161.94 and 7,469.60
The Bollinger Band overlay is showing that there is a serious contraction by the good news is that normally means there is a breakout on the way.
I have marked the last times that the market contracted in such a manner and there normally is some kind of reaction.
It must be said we do not have crystal balls and cannot predict the future but statistically, there is a case to be made.
Away from the Bollinger Band indicator, the break direction of the consolidation pattern will be important.