- A bear entice?
- Bollinger’s prescient prediction
John Bollinger, the legendary chartist identified for creating the Bollinger Bands indicator, just lately took to the X social media community to subject a technical evaluation warning.
He has famous that Bitcoin and several other different cryptocurrencies are organising a “head faux” following a Bollinger Band Squeeze.
The time period, which initially comes from basketball, refers to a sure asset sharply transferring in a single route earlier than reversing course, thus catching merchants off-guard.
A bear entice?
On Aug. 3, Bitcoin plunged to a multi-week low of $111,919 on the Bitstamp trade earlier than recovering to $115,732 earlier this week.
Bollinger seemingly refers to this draw back headfake, which ended up being a entice for bears.
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Notably, the legendary technical analyst added that the identical sample can’t be noticed on the charts of cryptocurrency exchange-traded funds (ETFs) since they don’t commerce in the course of the weekend.
Bitcoin is at the moment altering palms at $115,229 on the Bitstamp trade.
Bollinger’s prescient prediction
As reported by U.At this time, Bollinger appropriately predicted that Bitcoin was organising for a breakout in early July.
Bitcoin went on to succeed in its present all-time excessive of $122,838 on July 14.