Market

Legendary Trader Bollinger Shares Crucial Bitcoin (BTC) Price Update

Fri, 28/06/2024 – 19:35

Cover image via youtu.be

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

In a recent post on the X social media platform, legendary trader John Bollinger predicted that Bitcoin, the leading cryptocurrency, would keep consolidating within its current range. 

Advertisement

Bollinger noted that the flagship coin failed to pull off a price bounce after its two-bar reversal at the lower Bollinger Band. 

On June 25, the creator of one of the most popular trading tools said that the “lovely” two-bar reversal was supposed to be sufficient for a price jump. The chartist suggested that the cryptocurrency could potentially test the highs. However, this wasn’t the case. 

HOT Stories

Related

Back in 2021, Bollinger said that the two-bar reversal was one of his most favorite trading patterns. In fact, he once called it his “bread and butter” trade.

According to the chartist, the ideal two-bar reversal occurs when both bars are greater than the average true range (ATR), which is a popular market volatility indicator. Both bars should be big-range bars, according to Bollinger. The first bar should close outside the upper Bollinger Band followed by a close inside (or vice versa). This is a very useful strategy when it comes to counter-trend trades, according to Bollinger. 

Related

The price of the leading cryptocurrency is currently sitting at $60,181, according to CoinGecko data. Earlier today, it managed to reclaim the $62,000 level, but this bullish momentum quickly fizzled out.

SOURCE

Leave a Comment

bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd bcd