Analysts commenting on the technical situation in Bitcoin (BTC) before the US inflation data suggested that there may be a great price movement.
Eyes ahead of US inflation data to be released today Bitcoin’s Bollinger band indicator translated. Notable analyst with his comments on the subject Josh OlszewiczBollinger bands from january since to the narrowest range pointed to a regression.
The analyst analyzes this data, which represents a jam. pre-explosion signal Commenting on the volatility, he mentioned that a strong volatility may come along with it. Bitcoin is about to go up in 3 weeks after a similar squeeze in January. 35% rise had lived. But jams on Bollinger bands may not always result in a rise.
According to the general opinion, when the Bollinger bands are narrowed, the volatility decreases and there is a volatility. fluctuation thought to be viable. Olszewicz, who approaches the subject from a similar point of view, states that such a narrowing It’s happened several times in the last ten years. quoted in the following sentences:
Bollinger bands are stuck. So how stuck is it? This degree of compression has occurred only a few times in the past decade. Many squeezes like this were enough to break the market bias before it exploded. A similar jam was last seen in January.
The squeeze in the Bollinger bands on the Bitcoin chart, the inventor of the technical indicator John BollingerIt also caught his attention. Bitcoin chart from social media account sharing John Bolinger,Jam” he used the phrase.
US inflation data It will be announced on July 12, 15.30 CET.. Analysts, who refer to Bollinger bands in general terms, expect a serious fluctuation in Bitcoin price in a short time.
According to CoinGecko data, in the last 24 hours 0.6% rise exhibiting Bitcoin, at the time of writing at $30,711 is being traded.