Legendary technical analyst John Bollinger has added another call to his occasional Bitcoin predictions. Bollinger draws attention to an uptrend formation observed on Bitcoin’s price chart.
John Bollinger Predicts Incoming Bitcoin Upsurge
For those less familiar with Bollinger Bands, they are essentially three sets of lines drawn on a price chart. The middle band is typically a 20-period simple moving average, and the upper and lower bands are drawn two standard deviations away from the middle band. Bands expand or contract with volatility. They expand when there is market volatility, and narrow when volatility is low.
Bollinger’s tweet suggests that Bitcoin, priced at $30,200 at the time of writing, is currently finding support at the middle band. Historically, this has indicated a potential upswing may be approaching.
Bollinger’s formation starts with an “explosion”, an aggressive price increase that culminates in “ripping the upper band”, signaling strong uptrend momentum. This is generally followed by a consolidation period, where the price stabilizes and moves towards the middle band.
The formation completes when the price finds support at the middle band, then pivots upward again, potentially indicating a new wave of buying pressure.
Latest Status in Bitcoin
Data put forth by crypto data platform CoinMarketCap (CMC) reveals that Bitcoin, the largest cryptocurrency, traded at $20,249, increasing at a minimal rate of 0.10% in the last 24 hours.
With a market cap of $587.58 billion, BTC lost 0.61% of its value in the last 7 days but gained 14.78% in the last 30 days. Market analysts emphasize the importance of the price consolidating above the $30,000 support. This consolidation could be followed by breaking the resistance area between $31,000-$32,000.
