Bitcoin’s recent rally faces a critical test as John Bollinger signals potential trend exhaustion near the $110,000 resistance level.
Technical analysis highlights a ‘three pushes up’ pattern following a ‘W’-shaped bottom, suggesting the momentum behind Bitcoin’s surge may be waning.
According to COINOTAG, Bollinger’s insights emphasize caution, noting that this pattern often precedes either a reversal or a consolidation phase in price action.
John Bollinger’s analysis warns of Bitcoin’s rally losing steam near $110K, signaling possible trend exhaustion and urging traders to prepare for volatility shifts.
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John Bollinger, renowned for creating the Bollinger Bands indicator, recently identified a significant pattern on Bitcoin’s price charts that may indicate a shift in market dynamics. The ‘three pushes up’ pattern following a ‘W’-shaped bottom is a classic technical formation often associated with trend exhaustion. This pattern emerges when the price makes three distinct upward attempts after a bullish reversal signal, but fails to sustain momentum beyond a key resistance level—in this case, the $110,000 mark. Bollinger’s analysis suggests that the buying pressure fueling Bitcoin’s rally could be diminishing, signaling a potential pause or reversal in the upward trajectory.
Bollinger Bands remain one of the most trusted tools among traders for assessing market volatility and identifying potential price extremes. By plotting bands two standard deviations away from a moving average, they dynamically adjust to market conditions, providing real-time insights into price behavior. Traders utilize these bands to detect overbought or oversold conditions, anticipate volatility expansions or contractions, and identify “squeeze” setups that often precede significant price movements. John Bollinger’s expertise and ongoing market commentary lend considerable credibility to signals derived from this indicator, making his observations particularly influential in the crypto trading community.
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Source: https://en.coinotag.com/bitcoin-rally-may-show-signs-of-exhaustion-near-110000-suggests-john-bollinger-analysis/