Renowned financial analyst John Bollinger has recently issued a caution regarding the potential for a Bitcoin pullback. After BTC price surged from below $66,000 to almost $72,000 at the beginning of the week, Bollinger, the creator of the widely utilized Bollinger Bands indicator, pointed to specific features in the Bitcoin price chart that suggest a consolidation or pullback could be imminent, though he clarified that his perspective was not bearish on a longer term. The Bearish Argument By John Bollinger Bollinger’s analysis focuses on the daily BTC/USD chart. His main concern centers around a “two-bar reversal” pattern observed at the upper Bollinger Band. This pattern, typically indicating a potential reversal in price direction, occurs when Bitcoin’s price first exceeds the upper Bollinger Band but then closes within it during the next trading period. Such movements can imply that the upward momentum might be losing strength. The Bollinger Bands on the chart consist of three lines: the lower band, the middle band (20-day simple moving average), and the upper band. These bands expand and contract based on ..
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