John Bollinger Analyzes Current Bitcoin (BTC) Price Action
Legendary trader John Bollinger has provided his insights on Bitcoin's (BTC) recent price movements, drawing attention to key technical patterns. Renowned for creating the Bollinger Bands, Bollinger's expertise is highly regarded in the crypto community.
He notes the emergence of a W pattern on the weekly Bitcoin chart, indicating a potential bullish setup. In a recent tweet, he stated, "Nice little W pattern on the weekly BTCUSD chart. I drew a regression channel to highlight the flag that is forming. Bullish setup, awaiting confirmation."
The W pattern, representing a double bottom, is typically seen as a bullish signal. This pattern often forms after a single rounding bottom, suggesting a possible reversal in trend.
Bollinger also referenced a regression channelâa three-line technical indicator that helps identify the upper and lower limits of a trendâindicating that he is closely monitoring Bitcoin's price action within this channel.
He suggests that Bitcoin may be forming a bullish flag pattern, a classic continuation pattern that could signal an upward breakout following a consolidation phase, pending confirmation.
Bitcoin Price Action
Bitcoin's price surged by 10% over the past week, spurred by recent monetary policy changes, including a 50 basis point rate cut by the U.S. Federal Reserve and decisions by the Bank of England and Bank of Japan to hold rates steady.
This week, Bitcoin rallied for four consecutive days, peaking at $64,140 during Friday's trading session before seeing a slight pullback. As of now, BTC is down 0.63% in the last 24 hours, trading at $63,087, while up 6.97% for September, traditionally a weaker month.
According to IntoTheBlock, Bitcoin's dominance in the market has increased, gaining 6% year-to-date over Ethereum and stablecoins.
