Famous trader John Bollinger, known for developing the Bollinger Bands indicator, has returned his focus to Bitcoin He turned it to the chart and pointed out a possible ‘Upper Band’ break.
Bitcoin caught John Bollinger’s attention for its bullish trend. BTC reclaimed the $27,000 price point on Monday, but it is yet to be confirmed whether this is the start of another rally.
As we reported as Koinfinans.com, ‘Bollinger Bands’, a series of trend lines drawn within and around the price structure of a traded asset, are also known in many different areas of finance, especially the cryptocurrency market.
Bollinger Bands It is primarily used to measure the high or low level of the market compared to previous transactions. “And after a new set of control bars is created in the lower band, the first label of the upper Bollinger Band is formed. But the next question is whether there will be a move towards the upper band.”
“It’s too early to answer,” tweeted the trader, who nevertheless managed to attract attention. This analysis points to temporary optimism; Bitcoin price tag at the upper Bollinger Band may indicate a potential uptrend, but Bollinger remains cautious does.
And there is the first tag of the upper Bollinger Band after a new set of controlling bars was established at the lower band. The question is now can we do a walk up the upper band? Too early to answer.https://t.co/hFarhBzOriNEWS CONTINUES BELOW
— John Bollinger (@bbands) September 18, 2023
Bitcoin Managed to Gain the $27,000 Level
Bitcoin price surpassed $27,000 and managed to increase its dominance rate back above the 50% level. While Bitcoin’s price is still 4.5% below its June high and 22.5% below its January peak, it has shown resilience compared to other cryptocurrencies. Its closest rival, Ethereum, is performing slightly lower despite the recent upgrade frenzy.