BTCUSD May See A Slow Down Based On Bitcoin Volatility Index
Aug 24 2020
Today we will talk about Bitcoin Volatility Index and show you how to understand and read it compared to the BTCUSD chart using the Elliott Wave theory.
BTCUSD is in an impulsive rise from March lows and currently we are observing the final wave 5, mainly because of a rise out of wave 4 triangle, which in Elliott wave theory suggests the final move before we may see a deeper A-B-C corrective reversal.
If we take a look at the BTC Volatility Index chart, we can see it approaching the lows again. When BTC Volatility comes to the lows, we can expect some big action and huge volatility, especially if this is a wave 5 of a bigger Elliott wave ending diagonal pattern.
Considering that BTCUSD can be finishing wave 5 and BTC Volatility Index coming to the lows, we should be aware of a bigger corrective reversal soon, ideally at the end of August and the beginning of September.
Be humble and trade smart.
Bitcoin Historical Volatility Index and BTCUSD, daily
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