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Legendary Trader Bollinger Shares Crucial Bitcoin (BTC) Price Update

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In a latest put up on the X social media platform, legendary dealer John Bollinger predicted that Bitcoin, the main cryptocurrency, would hold consolidating inside its present vary.

Bollinger famous that the flagship coin failed to tug off a value bounce after its two-bar reversal on the decrease Bollinger Band.

On June 25, the creator of one of the vital well-liked buying and selling instruments mentioned that the “pretty” two-bar reversal was purported to be enough for a value bounce. The chartist steered that the cryptocurrency may doubtlessly check the highs. Nonetheless, this wasn’t the case.

Again in 2021, Bollinger mentioned that the two-bar reversal was one among his most favourite buying and selling patterns. In actual fact, he as soon as known as it his “bread and butter” commerce.

In keeping with the chartist, the perfect two-bar reversal happens when each bars are better than the typical true vary (ATR), which is a well-liked market volatility indicator. Each bars must be big-range bars, in keeping with Bollinger. The primary bar ought to shut exterior the higher Bollinger Band adopted by a detailed inside (or vice versa). This can be a very helpful technique with regards to counter-trend trades, in keeping with Bollinger.

The worth of the main cryptocurrency is at present sitting at $60,181, in keeping with CoinGecko knowledge. Earlier right this moment, it managed to reclaim the $62,000 stage, however this bullish momentum rapidly fizzled out.

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