Trader John Bollinger, who created the eponymous indicator and is considered a legend on the financial markets, has broken his silence on the price action of the major cryptocurrency,Bitcoin (BTC). Bollinger rarely comments on the price action of BTC, but each time his comments are characterized by a unique perspective and sufficient completeness of analysis.
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In response to a follower's comment about Bitcoin's daily candle finding support at the moving average and the possibility of a "good squeeze" forming, Bollinger acknowledged the observation with a brief confirmation and shared aBitcoin price chart. His chart included Bollinger Bands, which depicted the cryptocurrency's price movements relative to the moving average.
Notably, the chart highlighted Bitcoin's continued resilience above the moving average, a critical level of support.
Smiles, nods... Almost squozen...https://t.co/ao8qiVKlm8
— John Bollinger (@bbands) December 3, 2024
The trader accompanied his post with the caption, "smiles, nods.... almost squozen..."
It is likely that by "almost squozen" the trader meant that the price of BTC almost broke this support to the downside, which would be a negative outcome for the bulls, while a Bollinger Band follower would expect a squeeze to the upper band, which is now just above $100,000.
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Whether the fact thatBTC held at a major support level, coupled with the "smiles and nods" from Bollinger, can be interpreted as a signal that the major cryptocurrency is now going to launch a six-digit price attack is an open question.
However, the probability is more intriguing than ever. The entire market remains captivated by Bitcoin's potential to surpass this historic psychological and technical milestone.
