John Bollinger drew attention to the bullish formation in Bitcoin
According to John Bollinger, the doyen of technical analysis, the W formation in the Bitcoin chart indicates an increase.
Analyst John Bollinger, known for developing the technical analysis tool called “Bollinger Bands”, which is widely used in the stock market world, believes that an increase in Bitcoin is imminent.
Bollinger, who stated that a W formation was formed in the weekly Bitcoin chart, stated that this was a sign of an uptrend. Bollinger commented, “There is a nice W formation in the weekly BTC/USD chart. I drew a regression channel to highlight the flag that is forming. This is a bullish formation, but I am waiting for confirmation.”
The W formation is a graphical model used in technical analysis. This formation is generally known as a trend reversal signal that shows that the price will exit the downtrend and start to rise. Its shape resembles the letter W.
Bitcoin moved upwards after the Fed cut interest rates by 50 basis points. The number one cryptocurrency, which fell to $57,000 during the week, is trading above $63,000 today.
