Reason to trust
Strict editorial policy which focuses on precision, relevance and impartiality
Created by industry experts and meticulously revised
The highest standards in the declaration and publishing
Strict editorial policy which focuses on precision, relevance and impartiality
Leo football price and a little soft players. Each Arcu Lorem, ultimate all children or, Ultlamcorper football hates.
Legendary technical analyst John Bollinger highlighted what he calls a “classic Bollinger group W Bottom” which could train on the Bitcoin BTC / USD pair. According to him, BTC seems to have found support in the $ 74,000 area, by setting up the double -soaking characteristics that define an inversion model in the form of W. In particular, Bollinger stressed That the configuration must still be confirmed: “Configuration of the classic Bollinger strip W Bottom in BTCUSD. He still needs confirmation ”.
Is Bitcoin in the bottom?
The graphic shows Bitcoin navigating a drop compared to its summit in mid-January almost $ 110,000, with a recent price action grouped around the lower band of Bollinger. The upper strip is at $ 108,837, while the lower strip is $ 77,138, suggesting a relatively wide range of volatility on a weekly basis. Bollinger’s midline is close to $ 93,000.
Related reading
Bollinger’s indication of a low-low W is based on the formation of two separate hollows in rapid succession, as seen both in price data and the readings of the oscillator under the graph. The first hollow materialized while BTCUSD fell from its summit then from around $ 90,000 to the area of $ 76,000, then rallied before entering a comparable support area around $ 74,500. THE Dip repeated in this horizontal support The level has so far kept, which Bollinger identifies as a potential base for a bullish overthrow – although it warns that a final movement above the intermediate swing almost $ 90,000 would help validate this classic graphic model.
Other market clues include slightly lower trading volumes, which suggests that the intense sale that bitcoin has dropped from its recent peak can be relaxed. The Momentum oscillator of the graph, which follows the overcalding and Surveillance conditionssupports this thesis, forming a background near its lower border. Although this alignment with price action suggests a possible background, many technical analysts are looking for the oscillator to rise convincingly above his median point to confirm that the momentum has effectively changed in favor of buyers.
Related reading
The Bollinger bands themselves, invented by John Bollinger, measure volatility by placing the envelope lines above and below a mobile average. When these bands widen, the market generally Experiences of high price fluctuations; When they shrink, volatility decreases. In the case of Bitcoin, they remained relatively wide, reflecting the dramatic beach of the cryptocurrency of less than $ 20,000 to six figures in the last two years.
While talking about a W-Bottom has triggered optimism among bruising traders, Bollinger’s recall that it “must still be confirmed” highlights the importance of solid monitoring in price action. If Bitcoin can exceed $ 90,000 on a robust volume, the long -awaited confirmation of this model would be at hand. Until then, the W-BOTTOM is only a possibility.
At the time of the press, BTC exchanged $ 81,366.
Star image created with dall.e, tradingView.com graphic
