Analyst John Bollinger sees signs for bitcoin’s impulsive rise
The material is not an investment recommendation and is published for information purposes only.
What’s new? Famous technical analyst John Bollinger expects a possible bitcoin breakout this week as the crypto market remains relatively stable. In a recent Twitter exchange of views with trader Bob Loukas, who noted that BTC is “coiling and tightening – building pressure,” Bollinger supported the bullish sentiment, saying that the market is “almost in a Squeeze.”
We are almost in a Squeeze.
— John Bollinger (@bbands)
April 5, 2023
What is known about the expert? John Bollinger is an American writer, financial analyst, technical analysis expert, and the creator of the technical analysis tool called Bollinger Bands. Since 1987, he publishes the “Capital Growth Letter,” a newsletter that provides technical analysis of the financial markets.
Bollinger Bands is an indicator that diagnoses cryptocurrency volatility and shows the direction of price movement, as well as overbought and oversold levels. It includes three lines: the upper one reflects changes by 2 standard deviations (STD) forward, the lower one — 2 STD backward, and the middle one characterizes the main trend movement. An unstable market condition makes the bands widen. The narrowing of the bands reflects the stabilization of the market situation.
Earlier, trader Gareth Soloway doubted that bitcoin would overcome the $30 000 resistance level in the nearest future. In his opinion, we should expect a drop to levels of $12 000-$13 000 before any major rally. As of April 6. 07:55 UTC, BTC is trading at $27 921, down by 2,08% in 24 hours, according to Binance.
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In September 2022, Bollinger explained Ethereum’s decline after the network switched to the Proof-of-Stake (PoS) consensus algorithm. At the time, he urged crypto traders to be cautious as the underlying trading dynamics continued to change.
