Despite Bitcoin’s ability to rise again above the $60,000 level, it is still hovering near a key support level, testing the nerves of cryptocurrency traders.
After several days of massive price movements, culminating in yesterday’s rebound, the cryptocurrency market has entered a quieter trading mode, meaning that market participants on both sides, buyers and sellers, have taken a break to contemplate what’s next.
John Bollinger (the legendary trader and creator of the famous Bollinger Bands) shared his views when asked about Bitcoin. He highlighted a two-candle reversal pattern at the lower band of the Bollinger Bands. He believes this pattern occurred in a logical place and is likely to lead to a price rebound with the possibility of testing the peak again.
Indeed, on the Bitcoin chart that John Bollinger attached with his predictions, you can clearly see the reversal of the main cryptocurrency’s price in two consecutive candles near the lower band of the indicator.
If John Bollinger’s predictions come true, we can expect the cryptocurrency to reach at least the upper band of the indicator, which now extends around $72,000. In fact, Bitcoin’s all-time high, which was recorded earlier this year, is also near this range.
