The cryptocurrency market continues its consolidation process with recent sales. The leading cryptocurrency, Bitcoin, rose to $61,000 after falling below $60,000. However, this rise remains limited and the selling pressure on BTC is increasing. Despite this situation, legendary trader John Bollinger detected a significant reversal pattern in BTC price. This pattern indicates that BTC could experience a potential surge to higher levels. Additionally, an analyst known for his accurate Bitcoin predictions states that the current correction is healthy for BTC.
John Bollinger spotted a reversal pattern on the Bitcoin chart!
There is a summer holiday atmosphere in the market. Some investors and traders prefer to wait on the sidelines for now. Even though Bitcoin price managed to rise above the $60,000 level, it is testing the nerves of crypto enthusiasts and traders. Because the cryptocurrency continues to move near a key support level. After several days of major price movement with yesterday's recovery and long-awaited greening of quotes, the crypto market has entered a quieter trading mode. This means that participants on both the bull and bear sides are taking a break to think about what to do next.
In this context, new views and discussions began to emerge. Legendary trader and creator of the popular Bollinger Bands indicator, John Bollinger, also participated in these discussions. When asked for his opinion on the developing setup on the Bitcoin price chart, Bollinger highlighted a two-bar reversal pattern in the lower Bollinger Band. The legendary trader thinks that this pattern is occurring in a logical place and will result in a bounce that has the potential to at least test the highs once again.
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