The Accumulation Continues on Low Volumes – What’s Next for Bitcoin Price? South or North?
Where will the breakout go?
Unlike the beginning of 2021, the beginning of 2022 has been rather quiet for the price of Bitcoin. The accumulation phase continues with the price of Bitcoin remaining in the same range it has been in since early December 2021: the $46K - $52K range.
De facto, the market sentiment remains fear-oriented. An extreme fear even since the beginning of 2022. For me, this extreme fear signals an opportunity, because the on-chain data still makes me optimistic.
We have already seen this fearful sentiment last for several weeks before a Bullish breakout in 2021:
This has happened twice, and this is the scenario I favor for the weeks to come.
Trading volumes have been very low for several days, which makes technical analysis difficult, as it is not very representative in these conditions, as I explained in the article on the 11 chart patterns to know to better anticipate Bearish or Bullish movements in the price of Bitcoin:
Nevertheless, I have focused on the price of Bitcoin to do some technical analysis to highlight the different chart patterns that can be observed at the moment. As you will see, depending on the timeframe chosen, the chart patterns that can be observed do not necessarily tell us the same thing.