Renowned market analyst John Bollinger, celebrated for his astute market analysis, has recently hit the pause button to contemplate the current trajectory of Bitcoin. This pause is noteworthy, given Bitcoin’s relentless ascent to new heights in the ongoing bullish market trend.
Read on as we unpack his insights.
Bollinger’s Expertise
In a recent tweet, John Bollinger, the mastermind behind the widely-used Bollinger Bands tool, took a moment to reassess his recent comments on Bitcoin.
Bollinger’s latest analysis highlights a fascinating trend: Bitcoin is not just surpassing but trading beyond its daily and weekly Bollinger Bands. This signifies a robust continuation of the bullish surge, devoid of any ominous divergence signs.
On November 21, a notable two-bar reversal pattern unfolded precisely at the middle Bollinger Band. This pattern serves as a compelling confirmation of Bitcoin’s robust price momentum, aligning seamlessly with its consistent attainment of new peaks in 2023.
In the midst of this analysis, Bitcoin has propelled itself past the $44,000 mark, boasting a remarkable 4.5% surge within the last 24 hours. Its upward momentum shows no signs of slowing down or an impending pullback.
Also Read: Crypto Price Prediction: Where Will Bitcoin, Ethereum, XRP & Chainlink Be in 24 Months?
Retracement Soon?
However, a more comprehensive technical analysis suggests that Bitcoin might be approaching a significant retracement zone. Zooming in on the one-week timeframe, an order block emerges, positioned enticingly within the $48,000 to $50,000 range.
Following its recent surge, Bitcoin appears to be stabilizing around the $43,000 mark. Intriguingly, despite the impressive rally, market sentiment remains cautiously optimistic, residing in the “Greed” state, consistently scoring in the 70s.
The Best Stance? Caution!
This cautious optimism deviates from the “Extreme Greed” territory often associated with market peaks. As Bitcoin continues its bullish trajectory, Bollinger’s reassessment not only adds a layer of complexity to our understanding but also provides a nuanced perspective on the cryptocurrency’s ongoing rally and potential market dynamics.
Read More: Are We Ready for a Crypto Price Boom? Bitcoin Halving, Spot ETFs & More
Bitcoin’s story continues to bring new twist, inviting both excitement and anticipation for what lies ahead.
Bollinger’s reassessment has sparked our curiosity. What questions do you have about Bitcoin’s future?
Source: https://coinpedia.org/price-analysis/trading-guru-john-bollinger-evaluates-bitcoins-bullish-leap-in-ongoing-rally/