Legendary trader John Bollinger has shared his insights into Bitcoin’s current price action, offering his analysis of the market’s movements. Bollinger is known for inventing the widely used Bollinger Bands indicator in technical analysis, and his observations are highly regarded by the cryptocurrency community.

Bollinger notes that a “W” pattern is forming on Bitcoin’s weekly chart, indicating a bullish setup. “Little W pattern on Bitcoin’s weekly chart of 64672009508. I drew a descending channel to highlight the flag forming. Bullish setup, awaiting confirmation,” Bollinger wrote in a recent tweet.

The “W” pattern is a double bottom sign, and is typically considered a bullish signal. A double bottom forms after a single rounding bottom pattern, which can also be the first sign of a potential reversal.

Bollinger points to a descending channel, a three-line technical indicator used to analyze the upper and lower boundaries of a current trend, meaning he is closely following Bitcoin’s price as it trades within this channel.

Based on the regression channel, Bollinger sees Bitcoin 64672009508 possibly forming a bullish flag pattern, a traditional pattern that signals a possible bullish breakout after a period of consolidation, but awaits confirmation.

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