While the cryptocurrency market has been calm in recent days, famous technical analyst John Bollinger predicts a possible price action in Bitcoin this week.
Bollinger, famous investor Bob Lukas bitcoin made about “Bitcoin has a big squeeze, it will explode this week” gave an approving response to his comment.
We are almost in a Squeeze.
— John Bollinger (@bbands) April 5, 2023
“We are almost in a big jam.”
Commonly used by technical analysts “Bollinger Bands” John Bollinger, the inventor of the indicator, interprets all investment instruments on his own model.
The Bollinger Bands indicator is a volatility tool that measures sudden changes in the price of any product. The band widens when large movements occur in the financial asset under consideration, and the band narrows when prices start counting where they are. According to John Bollinger’s thesis, after the bands narrow, a sudden price movement takes place without a direction.
Latest Status in Bitcoin
Bitcoin, which fell below $ 20 thousand in the banking crisis in the USA, rose to $ 28,000 after the government guaranteed all deposits.
Markets guarantee deposits “monetary expansion” as it perceives BTC It had a good acceleration in a short time.
When we examine the Bollinger Bands indicator, we see a large expansion during the crisis. However, the band has narrowed considerably, as Bitcoin has been inactive for about 20 days. As a result, a sharp breakout is expected either up or down.
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