According to U.Today, renowned trader John Bollinger recently shared his prediction on the X social media platform that Bitcoin, the leading cryptocurrency, would continue to consolidate within its current range. Bollinger noted that despite a two-bar reversal at the lower Bollinger Band, the flagship cryptocurrency failed to achieve a price bounce. On June 25, Bollinger, the creator of one of the most widely used trading tools, stated that the 'lovely' two-bar reversal should have been enough to trigger a price jump. He suggested that the cryptocurrency could potentially test the highs, but this did not occur.
Bollinger, in 2021, had expressed that the two-bar reversal was among his favorite trading patterns, even referring to it as his 'bread and butter' trade. He explained that the ideal two-bar reversal happens when both bars are greater than the average true range (ATR), a commonly used market volatility indicator. According to Bollinger, both bars should be big-range bars. The first bar should close outside the upper Bollinger Band followed by a close inside, or vice versa. Bollinger believes this strategy is particularly useful for counter-trend trades.
As per CoinGecko data, the price of the leading cryptocurrency is currently at $60,181. It managed to reclaim the $62,000 level earlier today, but the bullish momentum quickly fizzled out.