The Inventor of Bollinger Bands Evaluated Bitcoin! “BTC Gives a Bullish Signal!”

BitcoinB is undoubtedly one of the most frequently used technical indicators in Turkey.ollinger Bands It is located.

These bands, named after their inventor John Bollinger, are a popular technical analysis tool that shows whether the price of any financial asset is high or low.

Bollinger Bands indicate that an asset is in an overbought or oversold zone. When the price of the asset moves towards the upper band, this usually indicates overbought, when the price moves towards the lower band, this usually indicates oversold.

Evaluating the rise in Bitcoin in this context, John Bollinger, inventor of Bollinger Bandsstated that BTC is showing signs of strength.

The famous analyst stated that Bitocin moves outside the upper band of the Bollinger Bands on both the daily and weekly charts and gives an upward signal.This generally indicates that the current trend will continue.” said.

Pointing out that when the Bitcoin price moves outside these bands, this indicates a stronger market trend, John Bollinger said:

“All we see in Bitcoin as of now are signs of strength. Because BTC is outside the Bollinger Bands on both the daily and weekly charts.

The last significant pattern seen in Bitcoin was a two-bar reversal in the middle Bollinger Band on November 21, increasing the strength of Bitcoin’s bullish price action.”

Over $44,000 yesterday Bitcoincontinues to trade at $43,818 at the time of writing with a small retracement.

The air is getting a bit thin up here, but all we see as of now are signs of strength. We are outside both the daily and weekly BBs with no divergences. The last controlling formation was the 2 bar reversal at the middle BB completed on 21 Nov. $BTCUSDhttps://t.co/B4ZU3vpTvV

— John Bollinger (@bbands) December 5, 2023

*This is not investment advice.