John Bollinger Issues Bitcoin ‘Head Fake’ Warning

Uncover key highlights within the Crypto house. This article dives into: “John Bollinger Issues Bitcoin ‘Head Fake’ Warning”.

• A bear entice? 
• Bollinger’s prescient prediction 

John Bollinger, the legendary chartist recognized for creating the Bollinger Bands indicator, not too long ago took to the X social media community to subject a technical analysis warning.

He has famous that Bitcoin and several other different cryptocurrencies are establishing a “head fake” following a Bollinger Band Squeeze.

The time period, which initially comes from basketball, refers to a sure asset sharply shifting in a single path 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 change earlier than recovering to $115,732 earlier this week. 

Bollinger probably 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 through the weekend. 

Bitcoin is at present altering arms at $115,229 on the Bitstamp change. 

Bollinger’s prescient prediction 

As reported by U.Today, Bollinger accurately predicted that Bitcoin was establishing for a breakout in early July. 

Bitcoin went on to succeed in its present all-time excessive of $122,838 on July 14.

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