On-Chain Analyst Predicts Imminent Bullish Bitcoin Move, Says BTC Almost Done Consolidating

Broadly adopted on-chain analyst Willy Woo believes that Bitcoin (BTC) is nearly prepared for a burst to the upside.

Woo tells his a million Twitter followers that Bitcoin’s elementary power indicator (FSI) is flashing a sign that means the crypto king is almost accomplished with its re-accumulation section.

The FSI is a metric created by Woo that tracks the power of 17 elementary and technical indicators.

Says Woo,

“Early indicators that BTC consolidation is nearing completion (FSI chart under).

Futures demand is at the moment transferring the market, this demand has been climbing towards sideways worth motion (that is bullish).

Volatility dynamics additionally signaling a bigger transfer is possible.” 

Woo can be taking a look at Bitcoin’s value foundation density map, which screens the value ranges the place patrons sometimes step in to build up BTC. In line with a chart shared by the on-chain analyst, the map exhibits that BTC has a number of ranges of assist all the way in which right down to $25,000.

“Dense areas on this chart point out areas the place buyers are validating the value by shopping for and transferring to longer-term self custody. There’s a really sturdy space of worth validation under right here, which acts as worth assist.

Pink bands present historic July performances.” 

At time of writing, Bitcoin is buying and selling at $29,919.

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